Reverse mortgages now come with some “new rules” in an effort to better protect seniors, says CBS News in a Friday segment.
“Some people see it as a good idea as an opportunity to take some money out,” toward paying for expenses such as medical costs says reporter Rebecca Jarvis in the segment.
Co-host Gayle King questions whether new rules will aid in protecting seniors.
“The new rules are part of the solution, but but he customer at the end of the day has to protect themself,” Jarvis says, noting the government’s stake in insuring the loans.
Ultimately the segment advises consumers to choose a lender wisely if they are seeking a reverse mortgage as a solution to help in retirement living.
Written by Elizabeth Ecker