consumer

Reverse Mortgage News Roundup

Shannon Hicks
This Week’s Top Reverse Mortgage Stories 1- CFPB Complaints on the Rise- The CFPB has been busy collecting consumer complaints. The Consumer Financial Protection Bureau reports an increase of 172% increase in reverse mortgage-related complaints since 2012. One could guess that much of this is due to increased consumer awareness of

Lack of Financial Literacy Challenges HECM Acceptance

Shannon Hicks
Financial illiteracy challenges acceptance of a counter-intuitive mortgage If there is one subject that cries for remedial instruction it’s financial literacy. Fortune.com found that nearly two thirds of Americans are in effect financially illiterate, unable to grasp basic financial concepts. As the Home Equity Conversion Mortgage has become increasingly complex

Shutting Down: Why many reject the HECM

Shannon Hicks
The hurdles to increased acceptance are complex Today there is an estimated $4.4 trillion in home equity for those 65 and older, many who are woefully unprepared for retirement. As HECM endorsements continue to underperform years past, many ask why more eligible homeowners do not get a reverse mortgage. A

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