CFPB Finds Frustration With Reverse Mortgage Market

Law360, New York (February 9, 2015, 3:26 PM EST) -- The Consumer Financial Protection Bureau on Monday said that holders of reverse mortgages and their families have reported frustration with attempting to fix the terms and problems with servicing them.

In a report, the CFPB said that it had received around 1,200 complaints related to reverse mortgages between December 2011 when it began accepting them and Dec. 31, 2014. While those complaints only made up around 1 percent of the total mortgage complaints the CFPB received in the relevant period, the federal consumer finance watchdog said it would keep an eye on the reverse mortgage market as baby boomers age and...

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