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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.
All depository institutions should be required to provide an adequate level of banking services to individuals, including customers with low incomes.
Financial institutions should be required to offer consumer protections related to fees and disclosures.