The Massachusetts Division of Banks has ordered 5 companies to stop offering reverse mortgages to elderly homeowners, stating that they are not licensed in Massachusetts. The Globe reports today that Eldervantage, Lender 411, Senior Reverse Mortgage Online, Reverse Mortgage Helpdesk and Reverse Mortgage Site are not allowed to do business in Massachusetts.
The Division of Banks is currently in the public comment phase of updating and increasing oversite of reverse mortgages. New regulations are under review that will add more consumer protections for reverse mortgages.
For more information, refer to our page on the Law of reverse Mortgages.