Watch-Out for Any Annuity Pitch that is Tied to a Reverse Mortgage
The cross-selling of annuities and reverse mortgages is problematic to say the least. There is clear potential for conflict of interest and pitfalls for elderly customers. Consumers should be on the look-out for any sales pitch that ties the two products together. There are, in fact, laws that define the need for separation of the two products during the marketing and sales process: Under the Housing and Economic Recovery Act of 2008, a lender or anyone else can’t require a HECM (a...
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