BUYER BEWARE–REVERSE MORTGAGES

I have written previous Blog Posts about Reverse Mortgages and, unfortunately, the slick script, peaceful music, well-known movie/TV actor, American Flag waiving in the background, Government Guarantee (highlighted), etc. cause people to lower their guard. Unfortunately, as I have noted before, the ads outline the Rewards; but, not the Risks.

Today, I ran across an article by (yes the) Holly Petreus and Skip Humphrey, of the US CFPB (Consumer Financial Protection Bureau) that addresses types of Mortgage Advertisements that specifically target Service Members, Veterans and Older Americans. The article has links that provide additional information regarding related Products…and warnings. The Risks of Reverse Mortgages are predominantly cited.

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