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REVERSE MORTGAGES AND SENIORS - If you are in your sixties, and own your home, chances are you have heard about reverse mortgages-or will soon. Some financial institutions are aggressively marketing reverse mortgages as an easy, cost-free way for retirees to finance lifestyles that can jeopardize their financial futures. A new podcast from FINRA tells you what you need to know to avoid a reversal of fortune ...
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SEC 'RETIRES' SCHEME - The Securities and Exchange Commission (SEC) has obtained emergency relief to stop an allegedly fraudulent scheme that raised over $7.2 million from investors who were told the money would be used in a business shredding and recycling used tires. However, as alleged in the SEC's complaint, the tire shredding equipment did not work, there was no reasonable basis for purported income and return figures, and the investors never received a dime from their investment ...
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401(K) DEBIT CARD INVESTOR ALERT - A number of companies are beginning to offer a "401(k) debit card" to employees who invest in 401(k) retirement programs.  A 401(k) debit card allows you to borrow up to $50,000 or 50% of the value of your retirement plan, whichever is less, through use of a debit card.  The Securities and Exchange Commission recently released an investor alert to make consumers aware of the factors they need to take into consideration before using one of these cards     ...
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RELAUNCH OF HELPFORINVESTORS.ORG - In order to make it as easy as possible for investors in trouble to find the help they need quickly, the 19-member Alliance For Investor Education (AIE) has launched an updated version of the "one-stop information shopping" site at http://www.HelpForInvestors.org to pull together 14 key links into a single Web page.  The easy-to-use list shows investors where to check out financial professionals, how to report investment fraud, the best help for dealing with other major problems - including broker bankruptcies, identity theft and 401(k) claims - and filing arbitration and mediation claims ...
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TAKING TOO MUCH CREDIT? - Not so long ago, those who faced a temporary financial setback, such as the loss of a job, a health emergency or an unexpected expense, could borrow or use credit to get by - and many American still do that. But while some Americans use credit as a safety net to weather life's occasional storms, others rely on it as a way to finance a lifestyle they otherwise could not afford. Troubling trends include investors leveraging or prematurely depleting their retirement savings, trading in their insurance policies in transactions known as "life settlements," and tapping their home equity through reverse mortgages. FINRA is concerned that some investors may be risking their most valuable assets in an effort to raise cash quickly-including those in or near retirement, who may not have time to recover their losses ...
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