CFPB Study Finds Reverse Mortgage Advertisements Can Create False Impressions

The Consumer Financial Protection Bureau (CFPB) just released results of a focus group study on reverse mortgage advertisements that found many participants were left with misimpressions about the product. After viewing the ads, consumers were confused about reverse mortgages being loans, and they were left with false impressions that they are a government benefit or that they would ensure consumers could stay in their homes for the rest of their lives.  As a result the CFPB issued an advisory that warns consumers that many reverse mortgage ads do not tell the full story.

The study can be found at: http://files.consumerfinance.gov/f/201506_cfpb_a-closer-look-at-reverse-mortgage-advertising.pdf