Generation Mortgage released a statement earlier this week in response to Consumer Reports Money Mistakes: Risks to Watch Out For article. Consumer Reports listed reverse mortgages as one of five financial “come ons” and Joe Morris, chief executive officer of Generation called the article, "Irresponsible, misleading and poorly-researched journalism."
Morris continued, "Most experienced financial professionals would agree that a reverse mortgage is a powerful financial instrument that requires careful borrower consideration and government-mandated counseling. Generation Mortgage and our peers adhere to a strict, self-imposed code of conduct which exemplifies the industry’s commitment to maintaining the highest of ethical and professional standards."
"It is not the first unfair representation of our industry and it is unlikely to be the last. Generation Mortgage is a company built to serve the financial needs of seniors. As such we feel dutiful in representing our customers, our company and our industry in speaking out against the erroneous claims of these self-appointed consumer advocates. It would be tragic, especially amid the current economic crisis, if even one senior facing serious financial challenge should fail to consider a reverse mortgage as a solution because of irresponsible reporting from Consumer Reports," Mr. Morris concluded.
Other people like Dennis Haber also voiced their opinion on the Consumer Reports article as well.