Reverse mortgage red flags to watch for

CBS MoneyWatch says these are reverse mortgage red flags to watch for but are they?

Welcome back to the Industry Leader Update. Despite incidents of predatory lending practices and inappropriate loan placement in traditional mortgage lending which generally are ignored by the national media, the reverse mortgage remains a consistent target of criticism and unfounded allegations.

Are we surprised? No, but it is important to know what narrative is presented to American homeowners. Case in point a recent column in CBS News’ MoneyWatch. Columnist Kelly Ernst writes, “Reverse mortgages can be a great way for seniors to access the equity in their homes to generate retirement income or cover expenses like medical bills. Unfortunately, they’ve also become a prime target for scammers, who are eager to take advantage of this product’s popularity to exploit older homeowners.” To guard against potential fraud Ernst suggests that homeowners look for the following red flags.

First are unsolicited offers.

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