News Release

New Jersey Department of
Banking and Insurance

Acting Commissioner Ken Kobylowski

For Immediate Release:
September 25, 2012

For Further Information:
Ed Rogan or Marshall McKnight (609) 292-5064

BAYONNE, NJ – New Jersey Department of Banking and Insurance Acting Commissioner Ken Kobylowski and Department of Human Services Deputy Commissioner Lowell Arye on Tuesday spoke with a group of approximately 20 senior citizens at the Bayonne Uptown Senior Center about life insurance, long term care insurance and reverse mortgages and state government services available to them.

“Don’t ever be bashful about asking questions until all your questions are answered” Acting Commissioner Kobylowski said. “If you don’t understand something, don’t sign it. Just say no.”

The Acting Commissioner also provided tips on how to avoid being a victim of fraud. He warned the audience to be careful in purchasing reverse mortgages. He said while they may be the right product for some people, they are not right for everyone.

“Be very wary of these products,” he said. “While it can initially appear helpful in one’s retirement, too many people ended up in trouble with their properties going under water.”

Acting Commissioner Kobylowski, who was introduced by Ralph Savo, program director of the Bayonne Uptown Senior Center Director, addressed the group as part of the Department’s ongoing financial literacy program for senior citizens.

Deputy Commissioner Arye oversees the Division of Aging Services and the Division of Family Development within the Department of Human Services. Services for senior citizens that were previously under the jurisdiction of the Department of Health and Senior Services were transferred to the Department of Human Services in July. Arye said that New Jersey is making a more coordinated effort to manage services such as pharmaceutical and food assistance which are just some of the wide range of help offered.

“Pharmaceutical and nutrition assistance, as well as long term services and supports are important programs for seniors in New Jersey,” said Arye. “We want to do what we can to help aging residents remain at home as vital contributors to their communities for as long as they can.”
The Department of Banking and Insurance began conducting financial literacy programs for senior citizens in May. The program, designed by the Department specifically for seniors, will continue throughout the State, and will complement the Department’s ongoing financial literacy outreach to high school students.

Anyone with a complaint or inquiry about financial services products sold in New Jersey should contact DOBI at 1-800-446-7467.

Seniors with questions about services offered by the state should call 1-877-222-3737 or by going online to www.adrcnj.org.