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Tuesday, February 10, 2015

CFPB Releases Summary of Reverse Mortgage Complaints

The majority of complaints filed by reverse mortgage borrowers with the CFPB have to do with borrowers’ perceived inability to change their loan terms, the bureau said in a report.

The report — a compilation of approximately 1,200 complaints submitted to the CFPB between 2011 and 2014 — showed that many consumers also complain that they cannot refinance a reverse mortgage.

Other top complaints included concerns over the inability to add new borrowers to an existing loan, a lack of clarity around how to settle the debt once it is in payoff and a fear of foreclosure due to taxes and insurance obligations.

Read the report.

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