Florida Launches Website to Educate Older Residents About Financial Topics

Florida’s chief financial officer has launched On Guard for Seniors, a new website to educate consumers about financial and insurance issues impacting the state. The website contains information about annuities, reverse mortgages, long term care insurance and other topics.

“Through my years in the financial community and as an elected representative, I’ve learned that more often than not it is our seniors who are most vulnerable to financial fraud,” said Jeff Atwater, CFO in a statement. “Seniors are inundated with offers of financial stability while being exposed to fraud artists targeting their life savings. The result—financial decisions become overwhelming.”

According to the Florida Department of Elder Affairs, Florida currently ranks first in the nation in the percentage of residents age 60 or older, and has more than 1.7 million citizens who are 75 and older. Seniors age 85 and older are currently the state’s fastest-growing age group. On Guard for Seniors explains key terms, outlines important questions to ask and provides educational videos of how some common insurance and financial products work.

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“Many seniors are concerned about making their savings last, which makes them prone to fraudulent or misleading sales pitches,” CFO Atwater said. “Together we can all help ensure our seniors have the tools and resources to make informed financial decisions that best suit their needs both today and for the future.”

In 2011 the department’s Division of Consumer Services helped recover more than $22 million for Florida consumers.

The website includes a video about reverse mortgages which you can see here.

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  • In the written explanation on what a reverse mortgage is, the authors state:  “The borrower’s heirs are not responsible for loan repayments, even if the loan balance is greater than the remaining equity in the property.”  It then ends with:  “It is important that all involved parties are aware that the loan is secured against the equity of the home.”

    Since equity is defined to be the difference between the value of the home and the balance due, does first quotation make sense?  What type of equity serves as the security for the loan?

    What junk!!!

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