As part of its new Borrow With Confidence campaign, the National Reverse Mortgage Lenders has published an open letter to seniors noting the commitment of reverse mortgage lenders to helping seniors make informed choices.
Noting the recent Consumer Financial Protection Bureau study that found “confusion” in the reverse mortgage market, NRMLA writes that it is addressing the issue of misinformation through the Borrow with Confidence campaign.
“Through our ongoing public education efforts, the National Reverse Mortgage Lenders Association is aggressively trying to help seniors avoid short-sighted or misinformed choices. We share the CFPB’s concern that seniors and their adult children need a more in-depth understanding of reverse mortgages,” writes NRMLA president and CEO Peter Bell.
The letter also notes the code of ethics to which all members adhere, toward the effort of honest and clear information provided to reverse mortgage borrowers as well as their families.
Written by Elizabeth Ecker