Out of 32,000 mortgage-related complaints submitted to the Consumer Financial Protection Bureau in 2021, only 300, or one percent, were brought against reverse mortgage companies, according to the CFPB’s Annual Report for 2021.
The vast majority of the reverse mortgage complaints were closed with an explanation (i.e., most of the complaints were closed without monetary or non-monetary relief).
No information was given regarding the most common complaint type involving reverse mortgages.
However, the most common issues identified in mortgage-related complaints involved trouble during the payment process, applying for a mortgage or refinancing an existing mortgage.