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| Global Market Research Solutions - February, 2008 |
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ICR - In The News: Recent Press Releases |
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ICR - In The News: Spotlight |
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(To Read - Click on the article title above)
| ICR - News & Upcoming Events
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ICR Celebrates 25 Years of
Excellence in May 2008!!
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CTAM 2008 Research Conference in Los Angeles, CA
February 6 - 8 | http://www.ctam.com
PMRG 2008 Annual National Conference in Phoenix, AZ
March 9 - 11, 2008 | http://www.pmrg.org
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AARP: Lenders Abuse Mortgage Sales
Reverse-mortgage lenders may be depleting the home equity of borrowers by offering inappropriate financial products, according to a report issued last month by AARP.
Nine percent of borrowers surveyed by the association said lenders had offered them financial products such as annuities and long-term-care insurance which, according to the study, "may be unwise investments given the costs and purposes of the loan."
"Consumers should be wary of anyone who tries to sell them something to be paid for with a reverse mortgage," said Donald Redfoot, strategic-policy adviser for Washington-based AARP's Public Policy Institute, and the principal author of the report, which was presented to a hearing of the Senate Aging Committee last month.
He went on to quote from a warning from the organization to consumers at aarp.org/revmort:
"If anyone is trying to sell you something and
recommending you use a reverse mortgage to pay for it, that's generally a good sign that you don't need it and shouldn't be buying it."
Homeowners using a reverse mortgage borrow against the equity of their house and receive payments from a bank. The loan is repaid with interest when the borrower.. Read More
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About ICR
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