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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.
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.
Congress should ensure that the Consumer Financial Protection Bureau (CFPB) is a strong and independent consumer protection regulator.