Missouri Senator Prods State AG To Target Firms Engaged In Deceptive Reverse Mortgage Marketing Practices

In Springfield, Missouri, KYTV Channel 3 reports:

• U.S. Sen. Claire McCaskill wants more protection for senior citizens who are targeted by unscrupulous mortgage lenders. Specifically, she's concerned about lenders selling reverse mortgages. McCaskill is frustrated with companies sending misleading marketing materials that aim to rope elderly people into an expensive loan that can leave them penniless. [...] McCaskill [...] wants Missouri Attorney General Jay Nixon to do something about it. "He has authority to go after fraudulent marketing and we want him to make sure the whole story is being told and we are protecting the elderly people of our state,” said McCaskill. Specifically, she's targeting companies that market reverse mortgages as a government benefit, much like Social Security or Medicaid.

For more, see McCaskill urges Nixon to go after scam reverse mortgage marketers.

For a recent story on the New York Attorney General's office going after a firm engaged in deceptive reverse morgage marketing practices, see Attorney General Cuomo Protects Senior Homeowners From Misleading Reverse Mortgage Solicitations (Reverse mortgage company portrayed itself as community-based non-profit to mislead seniors into reverse mortgage product).

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