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ARTICLE · 16 FEBRUARY 2015

CFPB Analysis Of Consumer Complaints On Reverse Mortgages

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Reverse mortgages are complex and not always well understood by borrowers.

United StatesFinance and Banking
Mary Jo Johnson
Mary Jo Johnson
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Reverse mortgages are complex and not always well understood by borrowers. The older age of the target population (62 years and older) itself attracts regulatory scrutiny as part of a focus on protecting the elderly. The CFPB's February 2015 report entitled "Snapshot of Reverse Mortgage Complaints" highlights the key trends in the 1,200 complaints made to the CFPB about reverse mortgages from December 2011 through December 2014. The report provides useful data to reverse mortgage lenders and servicers about the major areas of consumer confusion and frustration, thereby providing insights into potential areas of regulatory scrutiny in the future. 

The report's findings fall into three main areas:

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