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.
Thank you all for joining us today for the release of our study on reverse mortgage advertisements. Right now, we are experiencing the greying of America, with 45 million people in this country who are age 65 or older and 10,000 more who are turning 65 each day. They are our grandparents, our parents, our […]
CFPB Issues Advisory Warning Consumers Not To Be Deceived WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released results of a focus group study on reverse mortgage advertisements that found many participants were left with misimpressions about the product. After viewing the ads, consumers were confused about reverse mortgages being loans, and they […]
A reverse mortgage is a special type of home loan that allows older homeowners to access the equity they have built up in their homes now, and defer payment of the loan until they pass away, sell, or move out of the home.