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GAO Reports on Reverse Mortgages

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Another reminder that there are no quick fixes or free lunches in the world of finance, law, consumer protection, or living a long and healthy life:

beSpacific alerts us to two new GAO reports on reverse mortgage consumer protection issues:

1) Reverse Mortgages: Product Complexity and Consumer Protection Issues Underscore Need for Improved Controls over Counseling for Borrowers, GAO-09-606, June 29, 2009

2) Reverse Mortgages: Product Complexity and Consumer Protection Issues Underscore Need for Improved Controls over Counseling for Borrowers, GAO-09-812T, June 29, 2009