Reverse Mortgage Fraud Discussed in the Senate

Posted by Charles D

April 28, 2009

Whenever seniors and money come together to mix, government overisght is usually not far behind. And rightfully so with the legions of unscrupulous fraudsters in America dedicated to making quick dollars at the expense of grandma and grandpa. Senator McCaskill

Senator Claire McCaskill voiced her concerns over issues related to reverse mortgages at a Senate Proceeding last week. She estimates that there will be 200,000 new reverse mortgages this year and believes it has the potential to become a huge liability to the American taxpayer if more guidelines aren’t put in place.

One area she is worried about is the way lenders are marketing reverse mortgages. “You turn on any cable channel almost in America and before midnight you’re going to see an ad that says to seniors, you need to take advantage of a great government program, a government benefit,” said McCaskill. Full Story