Letter: Comments misleading

Editor, Daily News:

As president of the National Reverse Mortgage Lenders Association, I would like to voice my concern about a syndicated column by Ken Harney about reverse mortgages.

Harney's article severely misinforms its readers by leading them to believe that if they are considering a reverse mortgage today, they might be susceptible to the type of situation that he outlines.

While Harney did make a minimal mention that loans with equity sharing features as described in his column are no longer available today, that point is largely lost in the context of his writing. Harney failed to disclose that all reverse mortgages with equity share features have been withdrawn from the market for several years.

The dangers that Harney warns of do not exist in today's marketplace. His misleading comments may unnecessarily dissuade elderly homeowners who would benefit from getting reverse mortgages from doing so.

I would appreciate Harney setting the record straight once and for all by presenting fair, balanced and up-to-date coverage of reverse mortgages so that readers will be better informed.

— Peter Bell / Naples