McCaskill urges Nixon to go after scam reverse mortgage marketers

McCaskill urges Nixon to go after scam reverse mortgage marketers,

U.S. Sen. Claire McCaskill wants more protection for senior citizens who are targeted by unscrupulous mortgage lenders. Specifically, she’s concerned about lenders selling reverse mortgages.

McCaskill is frustrated with companies sending misleading marketing materials that aim to rope elderly people into an expensive loan that can leave them penniless.

A reverse mortgage is a loan against your home that you don’t have to pay back as long as you live there. Unlike a regular mortgage, with a reverse mortgage, your debt rises and your equity shrinks.

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Post from: Reverse Mortgage Loan Blog

McCaskill urges Nixon to go after scam reverse mortgage marketers

Full post here Reverse Mortgage Loan Blog

Written by News & Feeds on May 8th, 2008 with comments disabled.
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