Protecting seniors from predatory lending practices is the idea behind the bill sponsored by Senator Tarryl Clark, DFL-St. Cloud. It includes mandatory financial counseling before signing a reverse mortgage,and it gives seniors a grace period to back out of a contract. Senator Clark says this is in response to FBI investigations of abusive marketing practices.
Also testifying Carla Heyl Assistant MN Attorney General, Darryl Dahlheimer of Luthern Social Services (a company that does reverse mortgages) Christeen Stone and AARP volunteer and Beth Paterson of Prestige Mortgage. The bill approved and was sent to the Senate Judiciary Committee.