Oregon wants reverse mortgage lender to stop deceptive mailings
August 26th, 2010
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Oregon has asked a reverse mortgage lender to stop sending deceptive mailings about reverse loans to residents of the state. The Oregon Division of Finances and Corporate Securities said mailings about reverse mortgages that were sent by EquiPoint Financial Network Inc. of San Diego do not comply with its marketing rules for mortgages, according to Oregonlive.com.
Reverse Mortgage Mailings
The state of Oregon asked the company to include its name in all mailings and remove language that implies the reverse mortgage lender has a relationship with any government agencies. Mailings from Equipoint imply that its program is part of the federal stimulus package. They also feature a picture of financial guru Suze Orman with a quote from her that encourages seniors to consider reverse loans. The state sent a letter to EquiPoint in May and June but has apparently not heard back from the company yet, according to a spokeswoman for the Oregon Division of Finances and Corporate Securities.
Investigate Reverse Loans
The takeaway from all this is that it’s important to find out as much information as you can about a reverse mortgage lender before signing up. Unscrupulous companies can make all kinds of claims to get you to sign up for their products and services. Before doing business with any reverse loan company check out its reputation in your community. Contact your state’s Attorney General to find out if there have been any complaints.
Get HECM Counseling
If you really think getting a reverse home mortgage is a good move, talk with a qualified and reputable housing counselor. You can find a counselor approved to discuss the Home Equity Conversion Mortgage (HECM), the most popular type of reverse loan in the U.S., through the Department of Housing and Urban Development (HUD). No obligation Revers loan quotes from reputable lenders also can be found here.
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