Reverse mortgage oversight
Officials are looking into whether stronger oversight is needed to protect seniors when it comes to reverse mortgages. Reverse mortgages are home loans that allow homeowners 62 or older, to get cash by borrowing against the equity in their home.
Recently, there's been a spike in reverse mortgage defaults. And there's concern "reverse mortgage marketing" may be misleading. That's why the Consumer Financial Protection Bureau is collecting public comment on the issue.
The CFPB is currently accepting reverse mortgage complaints by phone at 1-855-411-CFPB.