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McCaskill Praised For Work To Shut Down "Reverse Mortgage Sharks"

In today's Post-Dispatch:

Ethical handling, though, hardly has been the hallmark of the some in reverse mortgage lending industry. Sen. Claire McCaskill, D-Mo., who brought [Peter H. Bell, president of the National Reverse Mortgage Lenders Association] to University City for that hearing last summer, deserves credit for bringing these issues to light.

Mortgage lenders’ and brokers’ good intentions alone cannot be trusted, especially when it comes to senior citizens ripe for the picking. Americans age 65 and older will number nearly 55 million by 2020. Many own their homes and hold an equity honey pot, which, according to the reverse mortgage industry’s own estimates, amounts to $4 trillion.



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