Join 3,200 other mortgage professionals at the #1 Reverse Mortgage Portal in the nation! Register for our FREE monthly Top 100 HECM Lenders report and a user forum where you can talk with other reverse mortgage professionals and get your questions answered from leading experts!
Unsuitable Annuities Tied To Reverse Mortgages
As more financial advisors sell insurance, a recent report indicates some could be unsuitably cross-selling annuities in conjunction with reverse mortgages.
The U.S. Government Accountability Office (GAO) report, requested by Sen. Claire McCaskill (D-MO) and released in June, cites recent cases in which reverse mortgages were sold to seniors to get them to inappropriately invest in [...]
GAO is concerned about advertising claims… Where do you stand?
The GAO also reviewed HECM lender marketing materials and highlighted six promotional claims and reasons they might mislead consumers:
1) Never owe more than the value of your home. Borrowers or their heirs could have a loan balance greater than the value of the home. While they could walk away from the property and not owe [...]
Copyright © 2009. All Rights Reserved. Proudly powered by WordPress.