CFPB Finds Reverse Mortgage Ads Leave Consumers Confused and Mislead
If you watch even a moderate amount of television you’ve seen several reverse mortgage ads from lenders both large and small. While the effort to inform older homeowners about the benefits of the program are well-intentioned the end result may be quite different. The CFPB issued the results of their focus group study on reverse mortgage ads interviewing nearly 60 age-legible homeowners in Chicago, Los Angeles and Washington D.C.
The study drew from 97 unique reverse mortgage ads from television, radio, internet and print media. The responses from the participants was eye-opening. Some found it difficult to comprehend that the program is a loan with fees and interest which must ultimately be repaid. Strange considering the common term reverse mortgage should clearly inform one that…
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