An Open Letter to America’s Seniors from the National Reverse Mortgage Lenders Association

WASHINGTON, D.C. – July 9, 2012 – (RealEstateRama) — “Because reverse mortgages can help older homeowners ease the strain of retirement, this product can be beneficial if seniors choose it based on a solid understanding of how it works,” CFPB Director Richard Cordray said. He added, however, that many seniors “struggle greatly to understand this complicated product and the tradeoffs involved.”