Advertisements touting reverse mortgages often leave older consumers confused about the loan terms and unaware of the risks, according to a new report from the Consumer Financial Protection Bureau.
Many Americans are still reeling from the last recession, although the oldest among us weathered the economic decline better than other age groups.
At the time AARP took up their cause, Robert Bennett of Annapolis, Md., and Leila Joseph of Brooklyn, N.Y., had several things in common. They were older Americans. They were widowed. They were homeowners. And they both faced foreclosure and eviction on reverse mortgage loans.
You probably know that AARP represents the interests of older Americans. But did you know that it's actually out there in court, making sure that the rights of people 50+ are not violated?
Another deal's been reached related to the foreclosure mess. It seems that homeowners who were rushed to foreclosure improperly will get the biggest payout, up to $125,000, depending on the errors they encountered.
If your home was at any time in 2009 or 2010 involved in the foreclosure process, you may be eligible for compensation if mistakes were made by your lender or loan servicer. A free Independent Foreclosure Review can determine whether you are eligible for compensation, but you must request it before Dec. 31, 2012.
The pinnacle of the American Dream was becoming a homeowner. However, that dream went bust for many after the subprime bubble crumbled in 2008. At first, minorities and the middle class were the hardest hit by the market implosion; besides these folks, we had no data on how the depression affected the 50+ segment -- well, not until now.
It's astounding to read the new AARP report about how some 5 million people age 50-plus lost their homes to foreclosure or remain at risk for that terrible ordeal.
Susan Milligan is visiting six Election 2012 battleground states to talk with 50-plus voters for a report that will be published in the September issue of the AARP Bulletin. She posted this from Las Vegas.
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