Terms of Reverse Mortgages continue to be misunderstood

A new government report shows many seniors are taking out reverse mortgages on their homes without fully understanding the ramifications, leading to foreclosures among borrowers and a tangle of problems for heirs after the borrower dies.

“Consumer complaints tell us that the complex terms of reverse mortgages continue to be misunderstood,” said Richard Cordray, director of the Consumer Financial Protection Bureau, which last week released a report highlighting the top complaints the agency received about reverse mortgages over the last three years.

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Written By: Patricia Sabatini

The Pittsburgh Post-Gazette

March 11, 2015 In: Financial Articles Comments (None)