- Published: Tuesday, August 18, 2015 10:12 AM
I am very excited to offer this informational workshop on a little-understood and risky product often marketed to senior citizens who own their homes: reverse mortgages. My co-host, Sen. Mattie Hunter, and I want you to come learn the facts about reverse mortgages so you can avoid scams. I sponsored reverse mortgage consumer protection legislation, which was recently signed into law, to require banks to fully inform would-be borrowers of the risks of reverse mortgages. The new law also mandates a waiting period during which the borrower can reconsider, and it prohibits someone who helps a homeowner apply for a reverse mortgage from benefitting financially from the loan. Unfortunately, senior citizens in our community have lost their homes through reverse mortgage scams that allow a fraudulent contractor to drain equity from a longtime family home. Don't let this happen to you; attend our free workshop, and get the facts.
Please call (773) 224-2830 for more information or to RSVP.