Funny. I spoke with a senior citizen just today who is on a reverse and he asked me what’s the deal with all these mailings coming in at once. What is HARP? etc..
Don’t get scammed and if you’re not sure please seek professional help or call the Consumer Financial Protection Bureau.
Reverse mortgages, a lifeline for seniors struggling to pay bills in allowing them to turn home equity into cash, are entering into foreclosure at an “alarming” rate, Consumer Financial Protection Bureau Director Richard Cordray said Wednesday.
One out of every 10 seniors with a reverse mortgage is in default or foreclosure, Cordray said in a conference call with reporters on Wednesday timed to coincide with the release of a reverse mortgages report prepared for Congress.
The agency also found that seniors often don’t really understand the terms of the loan, a problem exacerbated by deceptive mailings and other advertisements, Cordray said.
“We will work with our partners at the federal, state and local level to root out these kinds of scams,” Cordray said. He described one flier that portrayed a reverse mortgage as a “government benefit,” which is wrong, and that contained “blatantly false information about loan repayment options.” He did not go into further detail about who sends out these notices but said that the agency has authority to ensure that the reverse mortgage market works well for consumers.
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