WASHINGTON The Consumer Financial Protection Bureau is raising concerns about the transparency and clarity of reverse mortgages based on more than a thousand complaints it received about the product.
An agency study released Monday largely supports the old criticism that reverse mortgages are just as confusing to consumers as they sound. The study examined three years of complaints filed at the agency by consumers who were struggling to make payments on a reverse mortgage, change the terms of the loan such as transferring debt to an heir, or prevent a foreclosure.
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