No Surprise Here: CFPB Finds Reverse Mortgage Ads Create False Impressions

The lady who’s junk mail I have been trying to stop for the last year had a reverse mortgage. Almost 100% of the money went to charities, PAC’s and scams. When she died her children were left with nothing, except junk mail.

Consumerist

thompsonLast year, Consumerist reported on why you shouldn’t run out to sign up for a reverse mortgage just because Fred Thompson or other paid spokespeople opine about the benefits in national advertising campaigns. Today, the Consumer Financial Protection Bureau echoed our fears that these ads can be misleading by releasing the results of a focus group and issuing an advisory warning consumers that promotions for the costly product often don’t tell the whole story.

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