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McCaskill
holds Senate Hearing in St. Louis on Reverse
Mortgages…Will examine industry problems and
potential solutions
WASHINGTON,
D.C. – U.S. Senator Claire McCaskill will
chair a Senate field hearing on Monday, June
29 in St. Louis, MO to examine growing
problems in the quickly expanding reverse
mortgage industry.
These days television shows are regularly
interrupted with commercials about a “great”
new financial opportunity backed by the
federal government: a reverse mortgage loan
that allows seniors to convert the equity in
their homes into cash.
While this can be a useful tool for some,
many elderly homeowners are prime targets
for predatory lending schemes in a rapidly
growing industry.
Because seniors often have so few financial
resources beyond their home equity, it’s
especially important that strong consumer
protections exist to keep seniors from
falling prey to aggressive marketing and
predatory lending tactics. When seniors are
taking advantage of and default on these
loans, the government, not the lender, is
frequently left holding the bag.
McCaskill has been one of the only Senators
investigating problems with the reverse
mortgage industry. To see her previous
record and some frequently asked questions
about reverse mortgages,
click here.
Senate Hearing on Reverse Mortgages –
Monday, June 29, 2009
WHAT: Senate Special
Committee on Aging field hearing
WHO: Chaired by U.S.
Senator Claire McCaskill
WHEN: Monday, June 29, 2009
9:00 A.M. CT
WHERE: OCHS Senior Center
975 Pennsylvania Ave.
University City, MO 63130
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