Attorney General Lisa Madigan marked the beginning of National Consumer Protection Week by announcing her office’s resources to help older Illinois residents survive the economic downturn and avoid scam artists. Madigan introduced a guide for protecting seniors in the current financial crisis and launched a program to educate seniors to identify and avoid consumer fraud.
The Attorney General’s office is using National Consumer Protection Week to focus on the financial challenges and scams that seniors face in a volatile economic climate.
“Although the recession has affected everybody, older Illinoisans living on fixed incomes are often targets of scams,” said Madigan. “It is important that Illinois seniors have the information and resources they need to fight consumer fraud and deal with financial hardships. My office is focused on providing seniors with these resources.”
The guide provides information for seniors facing credit and debt problems or difficulty paying their home mortgages, as well as details on how to assess whether a reverse mortgage is a legitimate option, and how to combat identity theft.
In addition, Madigan wrote her “Consumer Corner” column on reverse mortgages for seniors. It’s a basic Q&A which you can see here.
Madigan recently filed lawsuits against two reverse mortgage lenders for deceptive advertising.