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Advocacy Groups Respond to Incorrect Comments by Congresswoman HW+

May 24, 2011By

The Coalition for Independent Seniors (CIS) Chairman Jeffrey Lewis and RetireSafe President Thair Phillips issued a statement in response to New York Representative Nydia Velazquez’ incorrect comments about reverse mortgages at a House of Representatives hearing last week.   In her comments, Rep. Velazquez stated, "Over the last decade the number of reverse mortgages has increased more than 1,300%. Unfortunately, this prolific increase of reverse mortgages has resulted in 61% more bankruptcies by Americans over 55.” In responding to the comments, the statement from the CIS and RetireSafe said, "Rep. Velazquez is misinformed. The study she referenced dealt with

3d rendering of a row of luxury townhouses along a street

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