Advocates: Now Is The Time To Reform Reverse Mortgages

CANHR and Consumers Union submitted joint comments to the CFPB on August 31, 2012 suggesting ways to enhance consumer protections for at-risk reverse mortgage borrowers.

Recommendations included: creating a suitability standard for reverse mortgages, establishing a fiduciary duty for lenders and brokers, outlawing deceptive marketing, adopting stronger prohibitions on cross promotions of reverse mortgages and annuities, strengthening the qualify of HUD-approved reverse mortgage counseling, and providing protections for non-borrowing spouses and tenants.

See the Consumerist article and the CANHR/Consumers Union comments:

http://consumerist.com/2012/09/advocates-now-is-the-time-to-reform-reverse-mortgages.html