Two state agencies have announced new guidelines for reverse-mortgage lenders aimed at protecting older homeowners from getting bad advice or being duped by fraudulent operators.

"Because reverse-mortgage products are specifically designed for and marketed to older residents, we feel a particular responsibility to safeguard their interests by making sure that they are not unfairly taken advantage of," said Steve Kaplan, secretary of the Pennsylvania Department of Banking, which joined with the Pennsylvania Department of Aging in announcing the new policy.

A reverse mortgage is a way to borrow money by using a home as collateral.