What is the main goal of equity access fraud?

The primary objective of equity access fraud is to illicitly access funds based on the accumulated home equity of a homeowner. In this type of fraud, perpetrators may target individuals who have significant equity in their properties, often through deceitful schemes or misrepresentations. This can involve convincing the homeowner to take out a loan or mortgage against the value of their property, allowing the fraudster to siphon off the equity for their own benefit while leaving the homeowner in a precarious financial situation.

By focusing on the accumulated home equity, the fraudsters exploit the homeowner's asset value without their informed consent or under false pretenses. This form of fraud is particularly insidious because it preys on the financial security that homeowners might believe they possess through their property equity. The other options, while they may relate to financial activities, do not specifically address the fraudulent aspect associated with exploiting home equity as a central goal.