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CFPB Details Reverse Mortgage Complaints

Tuesday, February 10, 2015

In a paper on the issue, the Consumer Financial Protection Bureau (CFPB) says that "Many older consumers and their families are confused and frustrated by the terms and conditions of reverse mortgages."  Since it began accepting them in December 2011 CFPB says it has received over 1,200 complaints about reverse mortgages, 1 percent of all mortgage complaints.   As of September 30, 2014 there were an estimated 628,000 reverse mortgages outstanding.    

Most reverse mortgages are sponsored through the Federal Housing Administration's (FHA's) Home Equity Conversion Mortgage (HECM) program and CFPB said while these mortgages represent only 1 percent of the mortgage market today it expects their popularity to increase in coming years.

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