Reverse mortgages are a special type of loan that allows homeowners, 62 and older, to borrow against the equity in their homes. Reverse mortgages can help some older homeowners meet financial needs, but they can jeopardize retirement security if not used carefully. The most common reverse mortgage complaint is about difficulty with changing the loan terms and problems communicating with loan servicers. Some consumers, for example, express frustration about slow, inconsistent communication from their reverse mortgage loan servicer. Read more…
Here are 3 things you or your loved ones should do if you have a reverse mortgage.
If you’re having a problem with your reverse mortgage or having problems getting through to your mortgage servicer, you can submit a complaint to the CFPB online or by calling (855) 411-2372 or TTY/TDD (855) 729-2372.