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J.G. Wentworth and Reverse Mortgages
J.G. Wentworth is looking for a licensed mortgage broker or lender to build a nationwide retail operation that offers reverse mortgages.
Visit ReverseMortgageDaily.com for the full story on the Consumer’s Union report.
4 Comments
Correction: RetireSafe has over 400,000 members, not 400. Thank you.
Bad News Sells!
Beware of the Buggey Man!
Someone’s always out to take advantage of you!
Their more well-heeled readership can afford to look down their noses at Reverses as a “last-resort”.
I can’t understand why the Consumer’s Union continues to deride the HECM product. Making retirement more financially secure for seniors helps them avoid the need to chose between their medications or food, or maybe even renewing their subsrciption to Consumer Reports!
Consumer’s Union began as a consumer watchdog agency for mechanized products, and, for the most part, they have been reliable in that respect. However, the ins and outs of financial products that most CPAs and CFPs do not grasp and therefore dismiss obviously escape them. The input is faulty because the product is misunderstood by so many trusted advisors. Because Consumer’s Union are not willing to investigate beneath this layer of resistance (and even if they did, there is still the faulty judgment of the Claire MacCaskill and her cohorts to contend with) they are continuing willfully on a path of destroying a product that was created to benefit seniors because — now their credibility is called into question. What a shame! Shame on them for putting the fragile financial health of seniors at risk by stirring up such unnecessary fears merely to protect their own standing as consumer protectors.