Capital Markets U.com » Reverse Mortgage http://capitalmarketsu.com Investor Education for Main Street America Sat, 04 Sep 2010 20:42:59 +0000 en hourly 1 http://wordpress.org/?v=3.0.1 Unsuitable Annuities Tied To Reverse Mortgages http://capitalmarketsu.com/unsuitable-annuities-tied-to-reverse-mortgages http://capitalmarketsu.com/unsuitable-annuities-tied-to-reverse-mortgages#comments Fri, 10 Jul 2009 17:07:50 +0000 Charles L. Stanley CFP® ChFC® AIF® http://capitalmarketsu.com/unsuitable-annuities-tied-to-reverse-mortgages As more financial advisors sell insurance, a recent report indicates some could be unsuitably cross-selling annuities in conjunction with reverse mortgages.
The U.S. Government Accountability Office (GAO) report, requested by Sen. Claire McCaskill (D-MO) and released in June, cites recent cases in which reverse mortgages were sold to seniors to get them to inappropriately invest in annuities.
A reverse mortgage, generally limited to persons at least 62 years-old, is similar to a home equity loan or credit line. But the borrower needs no income to qualify. Typically, the loan needn’t be repaid until the borrower moves, sells the home or dies.

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Unsuitable Annuities Tied To Reverse Mortgages

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