Government Reverse Mortgage Senate Hearing Scheduled

Senator Claire McCaskill, Democrat from Missouri, has played a big role with regard to protecting senior citizens interested in a government reverse mortgage.  Over the past couple of years she held senate finance committee hearings with industry leaders, AARP, FHA, HUD and others.  Her objective is to make sure anyone interested in obtaining a government reverse mortgage does not fall prey to predatory and high pressure sales tactics. She advocated for legislation that created a firewall between sales people that originate a government reverse mortgage and those that sell other financial and insurance products, such as annuities and long-term care insurance.

Next week Senator McCaskill will chair yet another hearing about reverse mortgages.  It will be held in University City, MO.  McCaskill's office said: "Elderly homeowners are often targeted for predatory lending schemes.  the Missouri Democrat says it is vital to protect seniors from aggressive marketing and predatory lending tactics."

In addition to Senator McCaskill's diligent efforts, it should also be recognized that AARP has been instrumental in helping design many of the safeguards that are currently in place for these loans.  AARP reverse mortgage information, educational reverse mortgage guides, HUD reverse mortgage counseling training programs are just a few areas where AARP's contribution has been invaluable with regard to making these mortgages safe for senior citizens.