By far, the state with the highest number of reverse mortgage-related complaints submitted to the CFPB was California, totaling 110 complaints (or 17.8% of the total).

Reverse mortgage complaints were on a steady downward trend from January 2016 (562) through January 2020 (247), before spiking to 425 by January 2022. But they are back on a downward trend.

But reverse mortgages have caused problems for some Arizonans and their loved ones. One troublesome issue: When the borrower/homeowner dies or must vacate the home for health or other reasons, ...

A reverse mortgage can significantly complicate your estate planning. If neither your estate nor your heirs repay the loan ...

Reverse mortgages give rise to numerous consumer complaints as studied by the Fed. government via the Consumer Financial Protection Bureau. Though they are a solution for some, the heavy ...

House: Reverse mortgages are for primary residences only. Investment properties and vacation homes don’t qualify. You must live at the property for more than six months of the year. Typically ...

Reverse Mortgage Terms and Fees. With a reverse mortgage, ... If you have a problem with a reverse mortgage, submit a complaint to the CFPB online or call 855-411-2372.

If you're getting a divorce but are reluctant to sell your home or can't afford to buy out your spouse's half, a reverse ...

For your retirement planning, count on living until age 95. A reverse mortgage isn’t free money; you have to repay the loan when you sell the home or when you or your spouse no longer live in it ...

A new government report shows many seniors are taking out reverse mortgages on their homes without fully understanding the ramifications, leading to foreclosures among borrowers and a tangle of ...

The pitch sounds enticing, but the reality may be far less so. — -- You’ve probably seen the many commercials on television where actors plug reverse mortgages. They talk generally about ...

For example, if your home is worth $400,000 and you owe $150,000 on a reverse mortgage, selling the home could pay off the reverse mortgage and leave you with $250,000.