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ARTICLE · 30 JUNE 2015

Reverse Mortgages May Be On CFPB's List Following Recent Study

McGuireWoods LLP
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In a new study, the Consumer Financial Protection Bureau (CFPB) criticizes reverse mortgages as misleading and as having resulted in senior citizens being confused about exactly what such a transaction involves.

United StatesFinance and Banking
Wm. Grayson Lambert
Wm. Grayson Lambert
Jodie Lawson
Jodie Lawson

In a new study, the Consumer Financial Protection Bureau (CFPB) criticizes reverse mortgages as misleading and as having resulted in senior citizens being confused about exactly what such a transaction involves. The CFPB concluded that, although this type of loan may help some seniors, these loans can pose serious financial risks to seniors who do not fully appreciate the details of their loans.

A reverse mortgage is a type of home loan available only to seniors 62 years of age and older. Such a borrower is able to take equity out of the home each month while making no loan payments. It is essentially a mortgage in reverse—the homeowner receives a monthly payment from the lender. Of course, the result of this loan is that the balance grows each month, while the borrower-homeowner's equity in the home shrinks. This type of loan has received more attention in recent years, because it has been advertised by well-known figures such as former U.S. Senator Fred Thompson.

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