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McCaskill holds Senate Hearing in St. Louis on Reverse Mortgages…Will examine industry problems and potential solutions

WASHINGTON, D.C. – U.S. Senator Claire McCaskill will chair a Senate field hearing on Monday, June 29 in St. Louis, MO to examine growing problems in the quickly expanding reverse mortgage industry.

 These days television shows are regularly interrupted with commercials about a “great” new financial opportunity backed by the federal government: a reverse mortgage loan that allows seniors to convert the equity in their homes into cash.

While this can be a useful tool for some, many elderly homeowners are prime targets for predatory lending schemes in a rapidly growing industry.

Because seniors often have so few financial resources beyond their home equity, it’s especially important that strong consumer protections exist to keep seniors from falling prey to aggressive marketing and predatory lending tactics. When seniors are taking advantage of and default on these loans, the government, not the lender, is frequently left holding the bag.

McCaskill has been one of the only Senators investigating problems with the reverse mortgage industry. To see her previous record and some frequently asked questions about reverse mortgages, click here.

Senate Hearing on Reverse Mortgages – Monday, June 29, 2009

WHAT:                 Senate Special Committee on Aging field hearing

WHO:                   Chaired by U.S. Senator Claire McCaskill

WHEN:                 Monday, June 29, 2009

                              9:00 A.M. CT

WHERE:              OCHS Senior Center

975 Pennsylvania Ave.

University City, MO 63130