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Caveat Emptor

Stranger danger alert for homeowners 62 and older: Mortgage brokers, including former subprime lenders, are "aggressively pitching" loans "fraught with problems" seniors. In the meantime, state and federal regulators are working on new rules and stricter supervision for these reverse mortgage lenders, "Last year, the Massachusetts Commissioner of Banks issued cease-and-desist orders to a handful of reverse mortgage firms for operating without a license." [New York Times]