National Public Radio did a segment on reverse mortgages recently that discusses the problems seniors have been experiencing when sales people take advantage of them.  The broadcast speaks with advocates and regulators who say the growth has opened the reverse mortgage industry to salespeople looking for a quick way to make a hefty commission — and some of them are unscrupulous. Some salespeople earn the trust of seniors by calling themselves “registered financial gerontologists” or certified senior advisers. They use aggressive sales methods, enticing seniors through radio and TV ads, and direct mail. They also try to sell other financial products, many of which are unnecessary and come with hefty fees.

NPR also shows examples of marketing materials (provided by the U.S. Senate Special Committee on Aging) aimed at attracting potential salespeople and seniors to reverse mortgages:

• Pitch to potential reverse-mortgage salespeople
• Pitch to seniors to take out reverse mortgages

 Listen Now [12 min 34 sec]

To read the story from NPR click the link below.

Some Seniors Victimized in Reverse Mortgage Boom (National Public Radio)

Sign up to receive free updates like this by email or can subscribe my RSS feed. Thanks for reading!