A financial services firm is suing Mutual of Omaha Mortgage Inc. over claims that the company lured vulnerable senior citizens into obtaining reverse mortgages through a false advertising scheme.
Plaintiff Longbridge Financial LLC, a New Jersey-based reverse mortgage firm, alleges Mutual of Omaha operates sham websites disguised as independent consumer ratings organizations that score Mutual of Omaha far higher than its competitors based on “factual misrepresentations and highly skewed rating criteria,” according to a Sept. 27 complaint filed in the US District Court for the Southern District of California.
Reverse mortgages are loans that allow senior borrowers to convert a ...
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