Reverse mortgage firms fined $799,000 over deceptive consumer ads

"Can I lose my home? "No you cannot lose your home"... [but] consumers who get reverse mortgages typically must pay for property taxes, insurance, and maintenance costs. They can default and lose their homes if they fail to comply with the loan terms, the CFPB said.

"These companies tricked consumers into believing the could not lose their homes," CFPB Director Richard Cordray said in a statement issued with the consent orders. "All mortgage brokers and lenders need to abide by federal advertising disclosure requirements in promoting their products."