CIS, RetireSafe: Reverse Mortgages Help Seniors Live Financially Independent Lives

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Rep. Velazquez wrong to blame reverse mortgages for financial crisis

Making the jump to blaming reverse mortgages for a perceived problem with the financial wellbeing of older Americans is not only incorrect but is disingenuous.

Today, Coalition for Independent Seniors (CIS) Chairman Jeffrey Lewis and RetireSafe President Thair Phillips issued the following statement in response to New York Representative Nydia Velazquez’ incorrect comments about reverse mortgages at a House of Representatives hearing last week:

“Rep. Velazquez is misinformed. The study she referenced dealt with bankruptcies with a reference to the connection of foreclosures to a person’s economic problems. The report did cite directly the problems of sub-prime loans among other possible causes for the age increase in bankruptcies but made NO reference or inference that reverse mortgages had anything to do with the increase. Making the jump to blaming reverse mortgages for a perceived problem with the financial wellbeing of older Americans is not only incorrect but is disingenuous.

“It is unfair and wrong for Rep. Velazquez’ to use misinformation as the basis to limit the choices of this ‘greatest generation.’ Older Americans deserve the benefits of a reverse mortgage as they seek to age in place and stay in their house. Rep. Velazquez shouldn't be misrepresenting her constituents in this way."

About The Coalition for Independent Seniors
The Coalition for Independent Seniors (CIS) is a non-partisan, non-political, public advocacy coalition dedicated to preserving independence, financial stability and economic security for seniors while protecting their ability to live financially independent lives.

To learn more about The Coalition for Independent Seniors, visit http://www.cforis.org

About RetireSafe
With nearly 500,000 members, RetireSafe is a grassroots organization that advocates and educates on behalf of America's seniors on issues regarding Social Security, Medicare, health and financial well-being. RetireSafe expects its government to keep its promises, protect our nation, and maintain the safety and personal freedoms of its citizens.

To learn more about RetireSafe, visit http://www.RetireSafe.org

Contact: David Di Martino, ddimartino(at)gmail(dot)com 202-247-7271

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Erin Grandstaff
Blue Line Strategic Communications
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