Reverse Mortgage Loan Blog

Missouri U.S. Sen. Claire McCaskill will lead her next Senate hearing in front of a home crowd.

McCaskill will host a “field hearing” of the Senate Special Committee on Aging in University City a week from today.

The topic: Reverse mortgages, which has drawn volumes of criticism from McCaskill.

A reverse mortgage allows homeowners over the age of 62 to borrow money, essentially, against their home. The loan gets paid back when the borrower sells or dies, and the house defaults to the lender.

However, McCaskill – who has a close relationship with her 81-year-old mother – has warned the loans could be a potential financial hazard to senior citizens.

McCaskill has sponsored legislation that would put stricter regulations on reverse mortgages, including encouraging financial counseling.

The hearing will be 9 a.m. Monday at the Ochs Senior Center on 975 Pennsylvania Avenue. Congressional hearings are typically open to the public, though seating could be limited.

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