Reverse mortgage advertising is misleading! Study results showing confusion among the elderly. Team Thayer Official
A new study from the Consumer Financial Protection Bureau found that reverse mortgage advertising can be confusing and misleading, and issued a warning to older Americans to be on the lookout for potentially deceptive reverse mortgage advertisements. In the new study released Thursday, CFPB said that consumers were confused about reverse mortgages being loans, and they were left with “false impressions” that reverse mortgages are a government benefit or that getting a reverse mortgage would ensure consumers could stay in their homes for the rest of their lives. “As older consumers consider reverse mortgage loans to tap into their home equity, they need to be careful of those late night TV ads that seem too good to be true,” said CFPB Director Richard Cordray. “It is important that advertisements do not downplay the terms and risks of reverse mortgages or confuse prospective borrowers. According to the CFPB, the number of reverse mortgage originations is likely to i...