Snapshot of reverse mortgage complaints December 2011 – 2014

"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

Updated reverse mortgage guide: Two things you should know

"More and more homeowners are considering tapping their home equity as they approach retirement age. Getting a reverse mortgage is one way that some older homeowners can do that. Reverse mortgages are a special type of home equity loan sold to homeowners aged 62 years and older, which are repaid when the borrowers sell the home, move out, or die. It’s a complicated type of loan that works best for homeowners who carefully consider all of their options..."
Reverse mortgages