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Tag: Home Equity Conversion Mortgages
Mahwah Con Man, Partner Prey On Elderly In $1.6M Scam, Feds Charge
Using an unlicensed real estate appraiser name Soprano, a pair of contracting con men – one from Mahwah, the other from Clifton – pocketed $1.6 million by targeting elderly victims in a reverse mortgage scam, federal authorities charged.
Philip Puccio Jr., 40, of Mahwah, and Rafael Peralta, 46, of Clifton, convinced the homeowners to apply for the mortgages for home repairs, an indictment returned by a federal grand jury says.
The duo then got unindicted co-conspirator Joseph Soprano to inflate the values of the homes on applications for home equity conversion mortgages (HECM), also known a…
