USA.gov sent this bulletin at 06/19/2015 08:30 PM EDT
The reverse mortgage ads you may have read or seen on TV sound like great solutions to older homeowners’ financial strain, but can you trust them?
Not entirely, warns the Consumer Financial Protection Bureau. Many of these ads lead seniors to believe reverse mortgages are risk-free. If you’re thinking of getting a reverse mortgage, learn what the ads don’t tell you and what the risks are first.
If you or a loved one already has a reverse mortgage, take these three steps to protect yourself and make a plan for the future.