Admin,

You did it again, another fine cross section of articles.

Unfortunately, once again the articles prove the point that we in the industry need to get our act together. The misinformation we provide borrowers only adds more myths and falsehoods about reverse mortgages. Once those myths get exposed by lawsuit, publication, or, otherwise, it will be interesting to see how we attempt to dispel myths of "our own creation".

I found a few new myths in this latest batch of articles, such as last week all of the HECM provisions of HERA went into effect and no HECMs are permitted for homes sitting on leased land? Of course there are the old standbys like HECM proceeds are "non-taxable" and are "income".

What is even more enjoyable is reading all of the phony titles people give themselves today. You do a handful of HECMs and now you are a financial expert? It seems people need some type of nonsensical title to add to their limited credibility. Please!!! Even the CSAs do better than that.

I hope the Readers' Digest is reasonably correct.

How about the article in the current Readers Digest? Check it out