The Better Business Bureau receives phone calls on a regular basis about phone solicitors pitching various products. Two of them that have been seeing an up tick in inquiries recently are credit repair offers and reverse mortgages. In both cases, you are advised to proceed with caution.
BBB Investigator Bill Smith tells The Big Z if you enter into an agreement for a reverse mortgage, you will not have anything to leave to your heirs upon your death.
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He says there are also more offers for credit repair, which involves an offer to erase negative information from a consumer’s credit report, while debt settlement is an effort to reduce a consumer’s debts or monthly payments through negotiations with the creditors. He says these are not to be trusted.