Senator McCaskill Receives Award From AARP?

image On Monday Senator Claire McCaskill accepted a national award presented by AARP for her legislative work to protect senior citizens from aggressive marketing and predatory lending in the reverse mortgage industry.  The award is part of AARP’s Congressional Award program which honors members of Congress for their efforts on behalf of Americans over the age of 50.According to the press release, Senator McCaskill’s legislation tightened regulations governing federally insured reserve mortgages by adding firewalls to prevent sales of exotic financial products in conjunction with reverse mortgages and gave HUD new oversight authority to guarantee independent counseling to protect seniors and taxpayers. Unfortunately, her legislation doesn’t guarantee independent counseling and the fact that government officials don’t follow how Bills are implemented is crazy.  The provision which called for HUD to consider using some of its FHA Mortgage Insurance Premium income to pay counseling costs, sounded like a great idea.  However, HUD’s lawyers have determined that this provision is flawed and would violate federal credit reform requirements and is impossible to do. The result of this is seniors are being turned away from counseling if they are unable to pay upfront because of Senator McCaskill’s legislation.  Does that sound like something that deserves an award?    I’ve tried to contact McCaskill’s office but haven’t heard back. I even used the form on her website to make sure she was aware this was happening because I do think she has the right intentions.  Unfortunately, the only response I’ve received is this: 

Thank you for contacting my office.  I appreciate hearing from you.Unfortunately, your message was caught in Senate spam filters designed to address the tens of thousands of spam e-mails received every month.  In order to provide a responsive level of service for my Missouri constituents, please submit your comments through the webform on my Senate website – apologize in advance for the inconvenience, and appreciate your understanding.Again, thanks for your e-mail.- Senator Claire McCaskill

I’m all for handing out awards when they are deserved, but unless Senator McCaskill sees her provisions through to make sure they’re implemented… receiving an award like this is a joke.AARP Presents McCaskill with Award for Work on Reverse Mortgages


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  • 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.

  • The counseling provision may not have worked out as Senator McCaskill intended but I work for a counseling agency that allows for payment on the closing statement.I assume many other counseling agencies do as well. In hardship cases where the senior is short, we volunteer our services. In many cases a reverse mortgage helps save a senior and allow them to maintain their independence. Hopefully Senator McCaskill and her collegues recognize that an will continue to support AARP in their efforts to make reverse mortgages work for 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

  • Sorry, I probably should have posted my number too. It is 800 403-3807. If you call today, ask for Ken, he runs the program…I am out doing counseling most of the day.

  • 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!

  • Perhaps RMD can do an article on counseling agencies:
    List Names, Policies, Addresses, and Telephone Numbers. We should all be proud of the contribution
    we make to my fellow Seniors. Those in the field know, we’ve experienced, the pure joy when a reverse
    mortgage is a perfect fit for a Senior’s financial situation. Too bad every American doesn’t enjoy the
    free ride that US Senators and members of the House
    enjoy: $150,000 a year and the Taxpayer providing
    the money to operate their business (office). By the
    way I agree that it would be a great idea for AARP to
    take some of the hundreds of millions of Dollars they
    get from members each year to buy counseling sessions for deserving (home asset fortunate/income poor) Seniors. ($12 yearly times 30 million members: What
    do they do with all that money anyway?) Indeed, I am a dues paying member of AARP and question many of the
    stands they take. I wonder how many realize that at one time the AARP magazine was a closed publication
    for advertising purposes to Companies other than a few insurance companies (and others)with which AARP had some “special” (ie, monied) relationship. It took a lawsuit by the scooter company Electric Mobility to
    change the policy. So much for always giving Seniors
    a choice philosophy.

  • 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

  • AARP buys Clarie and other congress members, just like the current bailout problems are showing. Lets blame the President and we have (congress) no part of this mess. LIES, LIES, LIES. Sounds like a bunch of pre-schoolers who have not learn to take responsibility for anything!!!!

    They go to Washington for their retirement plans and screw everyone else!!

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