The stories sound too outrageous to be true.
An elderly woman in need of cash asks her housekeeper to drive her to the bank to apply for a reverse mortgage. She's escorted to the housekeeper's banker boyfriend, who dupes the woman into signing for a conventional mortgage. When she can't make the payments, she loses her home.
A 78-year-old man, dying of cancer, is persuaded to buy a variable annuity. The transaction generates a big commission for the seller but locks up the man's money for five years if he wants to avoid huge surrender fees.
Both are real-life situations described in a new consumer guide for older Americans and their families aimed at helping them avoid being conned out of their money.
The free 28-page guide -- "Financial Self-Defense for Seniors" -- was written by Eleanor Blayney, [CFP®], Consumer Advocate for the Certified Financial Planner Board of Standards, the nonprofit group that sets the educational and ethical standards for the [CFP® certification] designation. Read more >
March 30, 2013