In conjunction with National Senior Citizens Day on Wednesday, the New York Department of State’s Division of Consumer Protection is circulating a series of tips that aim to help older adults avoid financial scams and exploitation. One way that bad actors may try to take advantage of older Americans is through reverse mortgages.

“Not all reverse mortgages are scams, but scammers can pose as lenders to pressure you into signing contracts,” the division advises in its bulletin. “These scam lenders often reach out unexpectedly, don’t clearly explain how the loan works, say you shouldn’t talk to other lenders or don’t fully explain the risks of real reverse mortgage loans. They may also pressure you to sign paperwork that you haven’t had a chance to read and you don’t fully understand.”

Legitimate reverse mortgage professionals will not discourage clients from speaking to other people about these loans and how it will impact a borrower’s financial situation. The industry at large has consistently encouraged clients who are considering a reverse mortgage to discuss it with trusted sources, including friends, family members and professional financial advisers.

The U.S. Department of Housing and Urban Development (HUD) also requires mandatory counseling for any loan that is part of the Federal Housing Administration (FHA)’s Home Equity Conversion Mortgage (HECM) program, which accounts for the vast majority of reverse mortgages in the U.S.

The bulletin also points people in the direction of resources authored by the Consumer Financial Protection Bureau (CFPB).

“Don’t rush any decisions or assume a potential lender knows what financial decisions are in your best interest,” it reads. “Do your own research and shop around with multiple potential lenders. Learn more about how legitimate reverse mortgage loans work on the U.S. Consumer Financial Protection Bureau website.”

Eagle-eyed reverse mortgage professionals have also played roles in the past to identify scammers who aim to use the product for illegitimate means. Earlier this year, a suspected fraudster nearly brought financial ruin to an elderly Canadian, but an area reverse mortgage professional’s quick thinking is credited with leading to the suspect’s arrest.