Swindling Seniors With Reverse Mortgages 2

When you see the Fonz peddling the safety of reverse mortgages, you know seniors are in trouble.  And it isn’t just the Fonz . On late night TV you can’t miss former Senator Fred Thompson also pushing reverse mortgages.   Reverse mortgages were designed to let seniors take principal out of their homes and were supposed to include safeguards,  but seniors are losing their homes to con men. The swindlers’ sales pitches promise seniors they’ll never have to pay a penny, but that is a lie. Reverse mortgages have insurance fees and taxes. Seniors who don’t make these payments could lose their homes.   Who is protecting our seniors? This week the Federal Trade Commission and the Consumer Financial Protection Bureau sent out letters to a number of mortgage firms questioning their advertisements.   “Misrepresentations in mortgage products can deprive consumers of important information while making one of the biggest financial decisions of their lives,” said Richard Cordray,  Director of the Consumer Financial Protection Bureau. “Baiting consumers with false ads to buy into mortgage products would be illegal. We will conduct a fair and rigorous investigation into these issues and will take appropriate action for any violations we find.”   Meanwhile the TV and print ads continue to target seniors. Government investigators are responding, but for many, it will be too late. The damage has  been done. Many have lost their homes and the con men are long gone. If you are a victim of the deceptive practices in the industry tell us your story.If you know seniors that has lost their homes to a reverse mortgage con, let us know. . Don’t let them get away  with this.Our seniors deserve more. Fill out the comment form below and we will investigate this.

Leave a Reply

2 thoughts on “Swindling Seniors With Reverse Mortgages

  • Richard Olson

    In addition to other deceptions, why doesn’t Fred Thompson or the Fonz at least mention all of the interest accruing on the reverse mortgage loan? Such interest is legitimate but is very deceptive to not even mention it in the ads. Shame on Fred and Fonz!

  • John Kohler

    I am 75 years old and my mortgage has been paid off. If the property increases in value, my sons should enjoy the financial benefit, not some big financial corporation. Greed is the motive for AAG and the other groups making this pitch.