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The Consumer Financial Protection Bureau (CFPB) should require lenders to incorporate consumer protections.
Policymakers should establish consumer protections for proprietary reverse mortgages not insured by the federal government.
State and federal policymakers should improve disclosures to help borrowers understand the complexities of reverse mortgages.
The federal government should provide sufficient funding to pay for required HECM counseling. HUD should ensure that this counseling is high-quality.
HUD should take enforcement action against and deter reverse mortgage fraud and scams.
Reverse mortgage proceeds should not affect homeowners’ eligibility for public benefit programs.
Federal regulators should ensure that disclosures, sales practices, and advertising of reverse mortgage loans are not misleading or deceptive.
Policymakers should ensure that reverse mortgage servicers are not engaging in unfair, deceptive, or abusive practices.
Servicers should be required to provide loss mitigation options to HECM borrowers.