NRMLA and the Mortgage Bankers Association submitted a joint letter to Google executives, urging modifications to the tech giant’s restrictions on reverse mortgage advertising.
What they’re saying: “We respectfully submit this joint request for reconsideration or clarification of how Google’s Sensitive Interest Categories policy is applied to our age-restricted mortgage loans, particularly on platforms such as YouTube and Google Ads,” says the letter.
- MBA and NRMLA note that the Equal Credit Opportunity Act (ECOA) and its implementing regulation allow for “special purpose credit programs” designed to benefit a special class of persons.
- A notable example are HECMs, which are only available to homeowners 62 and older as directed by federal law, and proprietary reverse mortgages that are only available in states that authorize and regulate them when made to homeowners meeting state-specified minimum age requirements.
What’s next: The two associations have asked that Google consider creating a policy exception pathway for age-restricted reverse mortgage loans and other special purpose credit programs, such as senior-eligible Home Equity Lines of Credit.
