Mortgage companies approved for illegal reverse advertising

The CFPB has announced that it has entered into consent agreements with three reverse mortgage companies to resolve complaints that the ads for these mortgage loans were misleading under the Mortgage Advertising Act. The alleged misconduct included deceptive advertising campaigns containing false accusations, including (i) the risk of losing the home and the right to stay at home; (ii) expected costs and mortgage payments; (iii) government agencies in the mortgage sector; and (iv) the effectiveness of a reverse mortgage lender.

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