CFPB Updates Its Consumer Reverse Mortgage Guide

The Consumer Financial Protection Bureau updated its reverse mortgage consumer guide to include information on initial disbursement limit restrictions and non-borrowing spouse protections.

The CFPB’s Office of Financial Protection for Older Americans developed and initially released the guide – titled “Considering a Reverse Mortgage?” in June 2012.  It provides “plain language guidance” and contains explanations of how reverse mortgages work, important questions seniors should ask if they are considering a reverse mortgage, and information about several alternatives to reverse mortgages that seniors may want to consider.