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AARP
presents McCaskill with award for work on
Reverse Mortgages
WASHINGTON,
D.C. – U.S. Senator Claire McCaskill has received a national award
presented by AARP for her legislative work
to protect senior citizens from aggressive
marketing and predatory lending in the
rapidly growing reverse mortgage industry.
The award is part of AARP’s Congressional
Award program which honors members of
Congress for their efforts on behalf of
Americans over the age of 50.
A provision, sponsored by McCaskill, putting
in place key protections for elderly
homeowners considering reverse mortgages was
signed into law in July as part of the
Housing and Economic Recovery Act of 2008.
Reverse mortgages are financial tools
designed to give homeowners access to the
equity in their home, and are often marketed
to seniors faced with diminishing retirement
funds.
However, this industry is often fraught with
aggressive marketing techniques and
predatory lenders looking to take advantage
of vulnerable borrowers.
McCaskill’s legislation tightened
regulations governing federally insured
reserve mortgages by adding firewalls to
prevent sales of exotic financial products
in conjunction with reverse mortgages and
gave HUD new oversight authority to
guarantee independent counseling to protect
seniors and taxpayers.
“Seniors who have worked their entire lives
to buy and take care of their homes deserve
to be protected from those who might want to
take advantage of them.
“When we first started looking at the issue
of reverse mortgages, it was not clear
whether we would be able to get new laws
through Congress, but we managed to get it
done for seniors in Missouri and across this
country,” McCaskill said.
“Her leadership in representing Missouri is
commendable,” said John McDonald, AARP
Missouri senior state director. “We applaud
her support that will help so many in our
state. This legislation provides fraud
protection and a mechanism for financial
security for our older citizens.”
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