CEASE Coalition
The Coalition to End Elder Financial Abuse:
A National Strategy of Prevention, Protection and Restitution
Types of Elder Financial Abuse
Misleading Designations
Financial predators often use misleading designations,  which give  them unwarranted credibility with seniors. These misleading designations are relatively inexpensive and readily available, and are crafted to make the predator appear to have more credentials than they possess, or that there is some form of state or federal government oversight. See CEASE testimony before the U.S. Senate's Special Committee on Aging (link) calling for federal oversight of "designations".
Use of Reverse Mortgage Equity of Seniors to Fund Deferred Annuities
Unscrupulous salespeople sell inappropriate financial products under false pretenses and through fear tactics. In particular, CEASE has found problems associated with the sale of reverse mortgages as they are increasingly inappropriately sold for the purpose of financing deferred annuities. Frequently the deferred annuity will never generate enough interest to offset the money owed on a reverse mortgage loan.

CEASE recommends that federally required mortgage counseling include suitability criteria.

Also, CEASE has recommended the removal of the federal endorsement of reverse mortgages as a means to qualify for Medicaid. This practice, recommended in the Deficit Reduction Act passed by Congress in 2005, has adverse effects on low-wealth seniors.  See CEASE testimony before the U.S. Senate's Special Committee on Aging (link) calling on Congress to prohibit the use of reverse mortgage equity of seniors to fund deferred annuities.
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