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A CFPB report stated that many reverse mortgage borrowers are confused and do not have enough information to make an informed decision about a reverse mortgage.
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Editor in Chief: HECMWorld.com
As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.
Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.
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3 Comments
I see them becoming increasingly more informed and asking some very good questions.
I also see them going to more then one source for information before they get serious.
While they generally know their basic options, they know very little of the loan process which is expected. I tend to spend a lot of time there.
Very thoughtful!!
Confusion rarely arises when the HECM is active. It normally seems to occur at loan termination which right now seems to average about 8 years after funding. It would be helpful to know the number of terminations by categories such as moving to a different principal residence, death, etc. and by year of termination.
While there may be absolutely nothing wrong with the survey, it lacks a measure of “the appearance of being unbiased.” The sheer lack of diligence and proactive measures exercised by the CFPB in attempting to poll HECM borrowers is disturbing. With a CFPB research unit dedicated to this type of investigative activity it would seem they would have done something by now.
For now the CFPB seems willing to accept the word of our detractors as if they have an impartial point of view. We should see within the next year if the NRMLA sponsored survey is accepted by the CFPB on its face.