"Reverse mortgages are a special type of loan that allows homeowners,
62 and older, to borrow against the accrued equity in their homes.
Reverse mortgages can help some older homeowners meet financial needs,
but they can jeopardize retirement security if not used carefully.
We’ve heard many complaints from consumers who have experienced
problems with reverse mortgages. Today we are releasing a report on
those complaints.
This Snapshot provides an overview of consumer complaints submitted
to the CFPB involving reverse mortgages from December 2011 through
December 2014. The most common reverse mortgage complaint is about
difficulty with changing the loan terms, and problems communicating with
loan servicers..."
Reverse mortgage
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