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Category: Info for consumers |
Published

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.

Category: Info for consumers |
Published

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.

Category: Info for consumers |
Published

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.

Category: Info for consumers |
Published

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.

Category: Info for consumers |
Published

Consumer advisory: 3 things to keep your retirement plan on track

Compared to a decade ago, there are fewer older homeowners who own their homes free and clear. Older homeowners are also carrying more mortgage debt. You can check out our snapshot on older Americans and mortgage debt for more on the numbers and data. Here are three things you can do to keep your retirement on track.

Category: Info for consumers |
Published

What’s the deal with health care credit cards? Four things you should know

Recently, many patients facing medical procedures have seen their health care providers suggest deferred interest rate credit cards as a payment option. Unfortunately, health care providers don’t always explain how these deferred interest credit cards work. We want to make sure that you get the facts you need.

Category: Info for consumers |
Published

Know your financial adviser

Just like planning for retirement, choosing a financial adviser can be much more challenging than it sounds—especially for senior needs. Today, we’re releasing “Know your financial adviser,” a guide to help you ask the right questions if you’re shopping for an adviser with a title suggesting expertise in senior financial planning. Titles like “veteran’s adviser,” […]

Category: Info for consumers |
Published

Banks can help spot elder financial exploitation and abuse

Financial institutions often spot the red flags for abuse sooner than anyone else, but sometimes personnel are confused. They want to help protect the consumer, but are unsure whether privacy laws allow them to share a consumer’s personal information with law enforcement and other authorities that can take action. Read more about spotting elder financial exploitation and abuse.