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Consumer Reports Article Cautions Readers
The magazine and self-described consumer educator and advocacy group Consumer Reports recently published an article entitled “Don’t Be Suckered Into Buying a Reverse Mortgage”.
In it’s paternalistic zeal Consumer Reports does dispense some practical advice but unfortunately makes use of pejorative terms such as vulnerable, at risk, ambiguous, and suckered. Today we will take a short editorial and factual review to prepare you to work with potential borrowers who may have read this piece.
Consumer Reports begins with the claim that the loans are often advertised as a risk-free way to fill the financial gaps in retirement. Not surprising since several media outlets have jumped on the CFPB’s recent report of reverse mortgage complaints, many which are related to advertising.
The article states that…
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