Back in 1961, it was determined necessary to establish the Senate Special Committee on Aging to help protect the rights of seniors in this country. The committee was originally intended to be temporary but it filled an important need in our society and became permanent 16 years later. Through that time, the committe has been active in areas including the investigation of senior fraud and recommendations for improvements in nursing homes.
An area of strong interest these days for the Senate Special Committee on Aging is the reverse home mortgage. This committee is reviewing the acts of different lenders and legislation related to reverse mortgage loans in order to make sure that what seniors need in this area is available to them without fraud or unnecessary risks.
For example, the committee recently heard testimony regarding concerns by some seniors that a particulr reverse mortgage lender was engaged in fraudulent acts. These are the types of issues that the committee takes a look at in order to make recommendations to Congress about legislation and oversight of senior issues.
There are many different issues that affect seniors in society today. As the baby boomer generation ages, it is becoming even more important that the committee attend specifically to the needs that are of greatest concern to this group. The importance of reverse mortgage loans makes this area one of the ones that the committee is likely to continue reviewing in the years to come.
Question of the Day: Which reverse mortgage issues do you believe are most important for the committee to consider in the upcoming year?