Consumer advocates say a growing number of older homeowners and a new
crop of eager lenders could steer the reverse mortgage industry down
the same financial course that toppled the subprime mortgage market and
left taxpayers footing the bill.
In order to avoid a
repeat occurrence, a new report by the National Consumer Law Center
urges Congress to enact new consumer protections to curb shady
marketing tactics, deceptive advertising and other potential abuses in
the popular reverse mortgage program