Division of Banks Orders Internet Reverse Mortgage Companies to Cease Activity in Massachusetts

BOSTON, MA – August 29, 2011 – (RealEstateRama) — Continuing the Patrick-Murray Administration’s ongoing efforts to fight deceptive advertising practices, the Division of Banks today announced that cease activity directives had been issued to five entities for marketing reverse mortgages to Massachusetts consumers.The five companies, Eldervantage, LLC; Lender 411, LLC; Senior Reverse Mortgage Online; Reverse Mortgage Helpdesk; and Reversemortgesite, were not approved to sell reverse mortgages in Massachusetts. The actions follow similar enforcement actions the Division of Banks has taken over the past three years in the area of unfair and deceptive advertising practices.