In this Issue:
Crossword Puzzle/Sodoku!1. The Big Picture
Reverse mortgages (RMs) can be a valuable tool for older homeowners in the right circumstances. They also have the potential to become the next big consumer rip-off.
RMs can be even more complex than some of the strangest adjustable rate mortgages; older consumers are among the most vulnerable; and there are no income or credit
requirements. The industry is redoubling its lobbying efforts in Washington and launching a new national public awareness campaign to pitch the virtues of RMs to the
public, policymakers, and the press. Look for former mortgage brokers turned loan modification scammers to head into selling reverse mortgages.
Cramming: Mystery Phone ChargesYou’re looking at your phone bill thinking someone must have made a mistake. How can you be charged for web hosting when you don’t know what web hosting is? Why does your bill list a couple of international calls when all your friends and business contacts are stateside? Chances are you’ve been crammed.
Cramming happens when a company adds a charge to your phone bill for a service you didn’t order, agree to or use. Cramming charges can be small, say $2 or $3, and easy to overlook. But even when the false charges aren’t small, they may sound like fees you do owe. That makes them tough to pick out, especially if your phone bill varies month to month. What can you do?
Interesting Lists...Fifteen Most Hated Fees
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