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Tuesday, February 10, 2015

CFPB Releases Summary of Reverse Mortgage Complaints

The CFPB released a report yesterday which showed that 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 report included 1,200 complaints submitted to the CFPB between 2011 and 2014. Many complaints showed that customers cannot refinance a reverse mortgage, and other complaints dealt with concerns over the inability to add new borrowers to an existing loan.