AARP Eye Center
Search
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.
Reverse mortgage proceeds should not affect homeowners’ eligibility for public benefit programs.
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.
Laws and regulations should strengthen and enhance consumer protection. Policymakers should enhance protections against unfair, deceptive, or abusive practices.
Federal legislation should provide a minimum level of consumer protections.
Regulators should provide effective oversight of the financial industry and enhance consumer protection.
Policymakers and financial institutions should protect consumers with diminished capacity and others who are at risk of financial exploitation.