CFPB Releases Reverse Mortgage Report; Issues Advisory In Response to Complaints

02/09/2015
Article

On February 9th, the CFPB released a report highlighting consumer complaints regarding reverse mortgages. The report covers 1,200 reverse mortgage complaints received between December 1, 2011, and December 31, 2014, or roughly 1 percent of all mortgage complaints received. According to the Bureau, many complaints show a mismatch between consumer expectations and the way the product functions.

In response to the report, the Bureau also issued a consumer advisory for consumers who currently have a reverse mortgage that highlights ways to protect surviving heirs from potential financial hardship.

Read the report here.

Read the consumer advisory here.

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