Be an industry advocate: reverse mortgages
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Do you think reverse mortgages should receive more regulatory oversight?
- Yes. (66%, 31 Votes)
- No. (34%, 16 Votes)
Total Voters: 47
Share your experience with reverse mortgages with other readers in the comments section below.
What do you know about reverse mortgages? The Consumer Financial Protection Bureau (CFPB) wants your knowledge to help them draft new regulations governing this potentially volatile loan product.
The CFPB is seeking information from the public on:
- factors influencing consumers’ decisions to get a reverse mortgage;
- how consumers use reverse mortgage proceeds;
- long-term outcomes to reverse mortgage borrowers; and
- the market dynamics and business practices between brokers, correspondents and retail loan officers of reverse mortgages.
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loading...About The Author
Carrie B. Reyes
is lead writer in charge of the Real Estate Practice and Due Diligence and Disclosures books.
Latest CommentsLeave a Reply
I voted NO above for one reason only. We don’t need more regulations and oversight. But we do need enforcement of current regulations. Seniors look at one thing only-How much $ do I get. I can sit down with you face to face and explain everything you need to know, and you not only won’t remember what I said, but you won’t understand what this product is all about. And most important you will never know, just how expensive a Reverse Mortgage will be, over you lifetime. The knowledge base needed to present this product goes beyond most real estate professionals learning curve. Financial/Estate Planning knowledge should be a requirement for anyone selling this product.
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As a relative of someone who was victimized by a reverse mortgage, I can tell you regulations are weak and enforcement weaker. That’s because there is not a level playing field- the reverse mortage industry has billions they spend on lobbyists and pressure groups. The individual consumer has themselves.
http://youtu.be/jMwgdvPJYQ0
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