The Consumer Financial Protection Bureau released a new guide for older homeowners called You have a reverse mortgage: Know your rights and responsibilities. The new guide is the latest tool in the CFPB’s suite of reverse mortgage resources, which provides easy-to-understand information for prospective and current reverse mortgage borrowers.
The guide is designed to assist reverse mortgage borrowers meet their ongoing responsibilities under a Home Equity Conversion Mortgage, the most common type of reverse mortgage loan.
- The reverse mortgage loan requirements
- How a borrower may pay-off their reverse mortgage loan
- What happens after the borrower moves out of the home or dies
- What default means and how a borrower may find help
- What heirs may need to know
The guide also includes a glossary of commonly used terms and a list of resources that borrowers can use to find help.
For more information on reverse mortgages, visit consumerfinance.gov/reversemortgage.