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Hawaii, Maine, California~ Thick as Thieves?
Old 01-25-2010, 09:35 AM   #1
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Join Date: Apr 2004
Location: South Texas~29N/98W
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Hawaii, Maine, California~ Thick as Thieves?

More unsuitable annuity sales.

And these are the three that got caught in the act! Do you suppose that this was the first time for each of these low-lifes or that they do not have associates in Hawaii, Maine, California or your state that are still on the loose?

In Hawaii, an independent mortgage broker, who owned his own insurance company, was prosecuted for deceiving 15 clients. He included paperwork for an annuity in HECM closing documents without their knowledge and collected fees from both sales.

In Maine, an insurance company sales manager arranged for a large reverse mortgage lender rep to speak with his sales agents about reverse mortgages. They later referred 14 clients to the reverse mortgage lender. All obtained reverse mortgages. One 81 year-old widow was sold a deferred annuity that earned only 3.25%, purchased with her reverse mortgage, which charged 4.12%.

In California, two insurance agents allegedly designed a seminar to teach licensed insurance and real estate agents. They are charged with teaching agents to convince senior homeowners that purchasing an annuity with reverse mortgage funds is a condition for obtaining that loan.
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