Thanks to various program changes in recent years, reverse mortgages have been winning over everyone from financial advisors to community banks and the mainstream press, and even one nationally recognized personal finance commentator who has recently changed her view on the product. Few personal finance writers as widely read as Jane Bryant Quinn.
Problem With Reverse Mortgage PDF Snapshot of reverse mortgage complaints – through December 31, 2014, CFPB handled approximately 1,200 reverse mortgage complaints. Reverse mortgage complaints comprise about 1 percent of all mortgage complaints, regardless of age, submitted to the CFPB. Consumers’ most frequent complaints involve their inability to make certain changes to the loans, as well as loan servicing.· Home equity debt: Example: your old mortgage was paid off, and then you got a reverse mortgage, borrowing against the equity in your home. The reverse mortgage is home equity debt. Another example: After paying your mortgage off, you got a Home Equity Line of Credit (HELOC), also borrowing against your home’s equity.