AARP Inside E Street: Reverse Mortgage Consumer Protections Debate

In the third segment of AARP’s Inside E Street feature on reverse mortgages, Lark McCarthy sits with Peter Bell, president of the National Reverse Mortgage Lenders Association and Susanna Montezemolo from the Center for Responsible Lending to discuss a range of topics included counseling and taxes and insurance defaults.

When the topic of counseling comes up, Bell said that there are plenty of protections.

“There are a lot of consumer protections inherent in the design of the reverse mortgage program,” said Bell. “In fact Rep. Barney Frank said that if other financial products had the same type of counseling and safeguards as we had for the HECM [program], the nation’s economy would not be where it is today.”

Montezemolo said Bell had a lot of valid points but that as far as consumer protections, “there is a lot more room to go on reverse mortgages.”

The segment also dives into the issue of taxes and insurance defaults, view the video for more information.

Be sure to check out the other AARP segments here and here.

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