What a JOKE!!!! She and AARP have cause more problems for senior wanting and/or needing to get a rm. Scaring seniors about high cost (putting out cost ar five years, aarp), that all salespeople are dishonest and not looking out for them. Well they will never know how I have lower my fees to get loans close because they we short (once only making a couple of hundred dollars total), covering counseling fee because senior cannot afford it or the appraisal. Now i have to try to explain about these NEW lower fees, but really the cost of a RM has gone up. No more free counseling, McCaskill and her other congress members stealing seniors money (MIP, regular FHA loans only charge1.5%), and AARP is giving her an award. Yes annunities might not be in the best interest of a senior homeowner (no I do not have a license to sell annunites), but who is she to tell people what to do will their money. A senior could be using the funds to set up a handicap family member for the future.
Sorry about the long reply, but we have had three senior lose their homes waiting for McCaskill, AARP and HUD “HELP” seniors.

Another phony politician taking big bows for minimal effort. Although I applaud her initial intentions to protect, it appears she did not do the same research that we in the industry teach our clients to do which is to ” weigh all factors, both pro and con, when making a decision.” Understanding and following through with that type of integrity would not have gotten her the results (spell that publicity) that she wanted. It appears she gave this a few minutes thought,(She used an example of ONE client who had been faile by ONE seedy RM loan officer) and figured she could look good. I am just a regular Joe, not a brilliant lawamaker(LOL)but I would love to debate her on the senior issues that THE MAJORITY OF US deal with ALL.
DAY EVERY DAY with integrity.
Next I need to deal in solutions, so Patty if you are reading this please call me so I can help pass your company’s solutions on to help benefit my clients.
My office number is 516-870-1184…I would appreciate your help and knowledge………….Mark

This is crazy. The inmates are running the asylum.

Another liberal Democrat who thinks she doing the right thing, only to screw everything up.
We dont need the government involved at all. They are writing this legislation assuming that all Financial planners and insurance agents are crooks!
If I was a senior borrower, I would want a third party who offers professional advice for a living, to be involved to help. The govt. has No BUSINESS telling any of these people what to do with their money!

How has the govt managed their money?

What a joke.

Go after the bad guys, but leave people alone.

Most agents and planners want to be involved in a Reverse Mortgage transaction so they can approve or disapprove it for their trusted clients, and use that money properly .

If not, that’s why they have arbitration and severe penalties

How fitting AARP should give such an award. They’re just wolves in sheeps’ clothing. Would they have an objection to seniors buying AARP medigap insurance with the proceeds from a rm? Does anyone think for one minute that what they do for seniors is out of the goodness of their hearts?

And the legislators – let’s see, we have the Chairman of the Ways and Means Committee, Congressman Charlie Rangel, who doesn’t know how to pay his taxes and gets a no-interest mortgage, and the Chairman of the Senate Banking Committee, Chris Dodd, gets a “preferential” mortgage. Yeah, they’re looking out for the seniors and us all right!

These responses are just terrific. They are all a breath of fresh air. Clair McCaskill gets involed and the end result is that the senior ends up paying more.
Thank you Claire