A new column that recommends against the use of a reverse mortgage loan has cited recent data from the Consumer Financial Protection Bureau (CFPB) to make a case against reverse mortgages. However, the column does not include some key information regarding the advertising practices of the reverse mortgage business. “Some reverse mortgage solicitations are aggressive and may even pop up in snail mail,” Wasik wrote. While reverse mortgage scams are real, they are most often perpetrated by fraudulent actors and not reverse mortgage industry players. “As a general safeguard, avoid junk mail, text or email offers on reverse mortgages,” the column said.

Source: Forbes September 05, 2023 20:55 UTC