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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.
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.