Pennsylvania Department of Banking Offers Reverse Mortgage Webinar for Professionals

The Pennsylvania Department of Banking’s Office of Consumer Services is offering a free webinar on reverse mortgages for professionals who work with older adults on November 30th.

The webinar will review the Department of Banking’s statement of policy on reverse mortgages issued earlier this year, which was meant to define proper conduct of lenders and help protect older homeowners.

The agency said it was concerned about the potential for older consumers to be victimized by bad advice or outright fraud.  ”As reverse mortgage loans become more available, licensees may not be fully cognizant of the propriety of, and the necessary business practices required to limit risks to consumers in this Commonwealth who use, reverse mortgages.”

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According to the department, the presentation will also include important information about the suitability of reverse mortgages for individuals in different circumstances and how the department interprets the proper conduct of its licensees engaged in offering reverse mortgages.

The webinar is intended for older adults and their care managers, service coordinators, social workers, and other professionals.

To register for the webinar, see here.

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