Minnesota Seniors to get Reverse Mortgage Protection

Posted by Charles D

February 13, 2009

Minnesota Attorney General Lori Swanson seeks to bring reverse mortgage protection to seniors in Minnesota. The current state of the economy has vulture brokers seeking to prey on seniors and get them to invest their reverse mortgage funds in risky investments. Aggressive lenders have recently hurt by the credit crisis and real estate bubble of the United States are looking to stay afloat by any means possible.

The legislation would allow seniors to rescind a reverse mortgage agreement within 30 days and would require seniors seeking a reverse mortgage to get independent counseling on the risks and benefits of the loan.

Minnesota’s Attorney General is in step with many other state legislators working to curtail the blatant abuse of seniors and their equity. Working slow, but at least working, here are your tax dollars at work Minnesotans.