New Jersey Woman Charged in Reverse Mortgage Scam

A woman from Phillipsburg, New Jersey, was recently charged for taking out a reverse mortgage on her an elderly individual’s home without the homeowner’s permission, reports Lehigh Valley Live.

Frances Wise, 56, who was given the power of attorney by 86-year-old Josephine Backsai, allegedly used this authority to execute a reverse mortgage on the property in 2009, according to court documents cited in the article.

Documents also alleged that Wise withdrew money from Backsai’s bank account and used the estimated $75,000 profit from the reverse mortgage for her own benefit. 

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Wise was charged with two counts of theft and “misapplication of entrusted property” in connection with the reverse mortgage scam.

Read the article.

Written by Jason Oliva

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