St. Louis Public Radio News
9:27 am
Mon June 29, 2009

McCaskill targets reverse mortgages

St. Louis – U.S. Sen. Claire McCaskill will lead a Senate field hearing in St. Louis Monday about reverse mortgages.

The Missouri Democrat said elderly homeowners are often targeted for predatory lending schemes.

McCaskill said seniors must be protected from aggressive marketing tactics.

Reverse mortgage loans allow people to convert home equity into cash. They are becoming more popular, in part because retirees' stock accounts have lost so much value.