N.Y. Times: Reverse Mortgage Ads Sidestep Loan Pitfalls

It’s been nearly a week since the Consumer Financial Protection Bureau (CFPB) released findings from a focus group study on reverse mortgage advertisements and the mainstream media attention continues.

In the week since the CFPB issued its study, which claimed reverse mortgage advertisement may be misleading consumers, there has been a medley of mainstream news coverage from some of the nation’s most popular media outlets.

And this week, The New York Times joined in with their own coverage of the CFPB findings that contend reverse mortgage ads may sidestep telling consumers of the potential pitfalls borrowers can encounter with the loans.

The study, for which the CFPB interviewed nearly 60 homeowners age 62 and older, was based on 97 unique ads found on TV, radio, in print and on the Internet.

After conducting one-on-one and focus group interviews, the Bureau received feedback from consumers, many of whom said they felt confused about reverse mortgages in a number of different areas.

The New York Times article rehashes certain areas of confusion consumers felt regarding reverse mortgages and clarifies some of the finer details and requirements of the loans.

The article even goes so far as to offer several questions that prospective borrowers should consider when thinking about getting a reverse mortgage, including how much a person can borrow from a reverse mortgage and where to find a HUD-approved counselor.

Read The New York Times article.

Written by Jason Oliva

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