The National Consumer Law Center (NCLC) said today that reverse mortgages could be the next subprime crisis. The NCLC noted that many of the same players front and center in the selling of subprime mortgages that helped lead to the housing bubble, are now very active in the reverse mortgage business.
“This market is designed to serve seniors, so when we find abuses cropping up and migrating from the subprime market to the senior market, that sounds an especially loud warning bell,†said Rick Jurgens, an advocate at the NCLC, who contributed to the report.
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