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State bill to protect seniors on reverse mortgages

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Mortgage Professional America | 16 Jun 2015, 09:00 AM Agree 0
Another chapter of the reverse mortgages saga has been added, with one state legislature passing a bill designed to protect seniors with a “cooling-off period.”
  • Sam | | 16 Jun 2015, 09:51 AM Agree 0
    So the mandated class they took, and the 5 lbs of papers they signed didn't enlighten them enough? I have no issue with added education, no one should take nor receive a mortgage not in their interest or desire, but the pouring on of continue regulation is simply an added expense to the consumer. This is what politicians cannot grasp.
  • Jeff | | 16 Jun 2015, 10:48 AM Agree 0
    Why do certain politicians treat the elderly as though they are mentally deficient?
    Politicians sit in a large historic building and control our lives without understanding a thing about what they are doing.
    The goal is to be in charge of everyone's lives because we are all idiots. I opine that it is the politicians who are idiots.
    More paperwork=less disclosure. It sounds counter-intuitive but the more anyone has to read and understand the less they read and understand. It's just too much paperwork so by page 5 they just sign and quit reading. Counseling is a good idea, but wait, we already have that.
  • Craig A. Sjodin | | 16 Jun 2015, 11:46 AM Agree 0
    The only person that would say that the elderly are not disclosed to are the people that are speaking and have never sat through a Counseling session to know what is discussed and takes an average of 1 to 1.5 hours to go through and have the applicant answer questions being asked by the counselor to verify that they understand the terms and responsibilities of taking on a Reverse Mortgage. To make the counseling session longer would only dilute the importance of understanding the exact responsibilities required by the borrower.

    Craig A. Sjodin
    Mortgage Loan Officer
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