CFPB: Reverse Mortgage Complaints Less Than One Percent

CFPB: Reverse Mortgage Complaints Less Than One Percent

Out of 29,400 mortgage-related complaints submitted to the Consumer Financial Protection Bureau last year, only 200 (or less than one percent) focused on reverse mortgages, according to the CFPB’s 2020 Annual Report to Congress.

Credit and consumer reporting complaints accounted for more than 58 percent of complaints received, followed by debt collection (15 percent), credit card (7 percent), checking or savings (6 percent) and mortgages (5 percent).

No further details were provided on the types of reverse mortgage complaints that were submitted. However, “mortgage” complaints submitted by consumers focused on the following: applying for a mortgage or refinancing an existing mortgage; closing on a mortgage; problem with a credit or consumer report; struggling to pay mortgage; and, trouble during payment process. Read the full report.