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FTC supports reverse-mortgage protection rules
2010-03-23
The Federal Trade Commission stated its support Monday for a measure that strengthens consumer protections on reverse mortgages.
The measure, filed by the Federal Financial Institutions Examination Council, offers guidelines to reverse mortgage lenders and government agencies on reverse mortgage disclosures and marketing practices. In its statement, the FTC said that lenders' disclosures should be "clear and useful."
The commission also noted that it has been working behind the scenes to protect consumers who are considering a reverse mortgage; a federal-state working group was created to discuss enforcement of reverse-mortgage laws, and a publication entitled Reverse Mortgages: Get the Facts Before Cashing in on Your Home's Equity was revised.
The loans are not extraordinarily popular - only about 2 percent of eligible homeowners have them - but they may become more prevalent as older people try to meet income shortfalls resulting from investment-value declines.
As the FTC notes, "reverse mortgages have assisted many elderly consumers in drawing on the equity in their homes" - but the loans can be confusing, and people considering them should do sufficient research before applying.
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