Although she hasn't owned her own home in several years, David John's 87-year-old mother still receives refinancing offers.
The poor economy tends to "bring out wolves" bearing fraudulent offers, including illegitimate home refinancing, says Mr. John, a retirement expert and senior research fellow at the Heritage Foundation. "They prey on those who are perceived as the easiest targets, who are in many cases older Americans."
Financial literacy, often cited as a key to building retirement assets, is frequently targeted to teenagers and young adults. But older Americans, particularly those who have taken a beating in the markets, also need to arm themselves with financial expertise, experts say.
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