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⭒ New Developments

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: