Consumer Financial Protection Bureau's Role in Reverse Mortgages – The new Consumer Financial Protection Bureau (CFPB) was created under the Dodd-Frank Wall Street Reform and consumer financial protection act with one main goal: make financial products as safe and straightforward as possible for consumers.. The agency, created last year, now lists the reverse mortgage industry as one of its areas of oversight and enforcement as it oversees banks and non-banks.
Consumer Reports: Don’t Get Suckered into Reverse Mortgages – adding that reverse mortgages can put retirement at risk. The article cites the Consumer Financial Protection Bureau (CFPB) study that said many reverse mortgage ads today are either incomplete in.
Best Reverse Mortgage Lenders – It can make sense to tap into the equity you’ve built up, but there are risks involved. After you understand how a reverse mortgage works, be sure to compare multiple reverse mortgage lenders to find.
FRB: Consumer Affairs Letter CA 10 – 11 – Reverse Mortgage. – Federally-insured reverse mortgages, called Home Equity Conversion Mortgages, are insured by the Federal Housing Administration, which is part of the U.S. Department of Housing and Urban Development, and subject to a range of federal consumer protection and other requirements.
Elderly could lose homes from reverse mortgages – Tell grandma not to believe those ads about reverse mortgages that promise free money. Rather than a tax-free ticket to financial freedom, she could end up losing losing her home. That’s the message.
CFPB Releases New Consumer Reverse Mortgage Guide. – It was only two short years ago that the CFPB or the Consumer Financial protection bureau issued it’s first report to congress on the Home Equity Conversion Mortgage or reverse mortgage program.
CFPB calls out reverse mortgage servicing problems | 2019. – 2 days ago · As part of its ongoing effort to keep tabs on loan servicers, the Consumer Financial Protection Bureau released a report this week that highlighted problems with the servicing of reverse mortgages.
What is a reverse mortgage? – Consumer Financial Protection. – A reverse mortgage is a special type of home loan only for homeowners who are 62 and older. This is because interest and fees are added to the loan balance each month. As your loan balance increases, your home equity decreases. Warning: A reverse mortgage is not free money. It is a loan that homeowners or their heirs will have to pay back eventually, usually by selling the home.
Consumer Reports: Don’t Get Suckered into Reverse. – Some reverse mortgage advertisements may make the financial tool seem as though it is a “risk-free” way to fill financial gaps in retirement, but seniors should not be “suckered” into buying a reverse mortgage, advises Consumer Reports in a recent article.
Consumer watchdog weighs in on reverse mortgages – roughly 1 percent of the overall mortgage market, according to the Consumer Financial Protection Bureau (CFPB). But problems persist with reverse mortgages, not least in how the loans are advertised,