Monterey, CA Seniors Have Many Complaints About Reverse Mortgages

Reverse mortgages can be a great product to allow you to have sufficient resources to remain in your own home and independent.  You will, however, be foregoing part of any inheritance that you planned to leave to your heirs as the value of your home will diminish over time as you draw equity out of it.  For many seniors, however, it’s not a choice given the high cost of living in Monterey County and the scant (and in some years non-existent) increases in social security.  However, just like when you are getting a regular mortgage, be careful about who you involve in your personal finances.  The Consumer Finance Protection Bureau (CFPB) just put out a warning to anyone 62 and older (the age required to get a reverse mortgage) as they have received numerous complaints.  Consumers complain about how difficult it is to get loan terms changed and seniors also report being frustrated with slow and inconsistent communication from their reverse mortgage loan servicer.  To read the report, click here.  They also have a helpful web site called 3 things you or your loved ones should do if you have a reverse mortgage.  To read more on this, click here.