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Policymakers at all levels of government should expand access to homeownership opportunities to help families build wealth and lock in affordable housing payments over the long term.
Policymakers should create and rigorously enforce consumer protections in mortgage lending.
Policymakers should support the creation of permanent affordable homeownership options for people with low and moderate incomes.
Policymakers should issue strong consumer protections against abusive loan servicing practices.
The origination fee for HECM refinances should be lower than for the original loan.
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.
Reverse mortgage proceeds should not affect homeowners’ eligibility for public benefit programs.