As a mortgage broker in Minnesota's Twin Cities, Atare Agbamu promised his elderly clients that the reverse mortgages he sold were regulated to protect them, their spouses and their heirs.

Agbamu was eager to help seniors, having been raised by his grandmother in Nigeria. At industry events, he would bring with him a borrower who had saved her home with a Home Equity Conversion Mortgage, the most popular reverse mortgage product, which is insured by the Department of Housing and Urban Development.

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