Why Lenders Want Better Laws
November 12th, 2007
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Janet E. Denny, director of the Springfield, MA Department of Elder Affairs, has a warning for seniors. According to the Springfield Republican, Denny says an increasing number of seniors have complained about reverse mortgage scams and attorneys who target seniors delinquent in tax payments.
“Our seniors are a vulnerable population,” she said, according to the paper. “We’re finding many are losing their homes with reverse mortgages and people are taking advantage of them.”
Is it any wonder that many reverse mortgage lenders want licensing, agency obligations and tighter controls? Why should legitimate lenders be tainted by those who are unethical if not worse? Why is anyone surprised that legitimate reverse mortgage lenders welcome borrowers who get help from independent resources, such as attorneys who specialize in elder law?
For the full story, see: Consumers advised by state chief
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