The governor of Maine has proposed legislation that could bring elderly residents foreclosure relief through reverse mortgages
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Today the CFPB released the results of a study that found many consumers were left with the wrong impression after seeing reverse mortgage ads
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Findings also included those who sell reverse reported that the best thing about offering the product was the considerable growth potential with the aging baby boomer population.
The new guidance for reverse mortgages, which requires that lenders consider both a borrower’s willingness and capacity to pay his or her loan obligations, was delayed.
While reverse mortgages are only available to a select group of consumers, the product still makes up a large portion of complaints received by the Consumer Financial Protection Bureau.
The FHA’s new budget reveals that the Obama administration is starting to see reverse mortgages as viable again.