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Published Category: Info for consumers

Consumer advisory: Don’t be misled by reverse mortgage advertising

You might see enticing images of youthful retirees on the golf course or enjoying other leisure activities in a reverse mortgage advertisement. We looked closely at many ads and found incomplete and inaccurate statements used to describe the loans. Reverse mortgage ads don’t always tell the whole story, so consider these facts when you see advertisements.

Published Category: Info for consumers

Consumer advisory: Your benefits are protected from garnishment

Over one-third of the complaints that older consumers submit to us are related to debt collection. In some of these complaints, consumers told us that debt collectors threatened to garnish their benefits from Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), and VA benefits, even though these funds usually can’t be garnished. Here’s important information about how these benefits are protected from garnishment.

Published Category: Info for consumers

Consumer advisory: 3 pension advance traps to avoid

Many retirees depend on a pension to cover day-to-day as well as occasional unexpected expenses, such as health emergencies or home repairs. Although pension advances may seem like a “quick fix” to your financial problems, they can eat into your retirement income when you start paying back the advance plus interest and fees. Here are three things you can do to protect your retirement pension.

Published Category: Info for consumers

Resources in Spanish that could help thousands of older Hispanics spot financial exploitation and scams

Nearly 1.5 million – or two-in-five- older Hispanics have limited English language proficiency and speak Spanish only. Their limited access to trusted information and resources in Spanish hampers their ability to detect, respond to and report abuse.