Drilling Down on Reverse Mortgages
Originally aired: Sunday, July 1, 2012
A congressionally-mandated study of reverse mortgages published this week by the Consumer Financial Protection Bureau concludes that elderly consumers are not getting enough information to help them make well-informed decisions and that better disclosures and better counseling is needed.
What are local reverse mortgage lenders doing to better educate seniors? What are the true costs of today's reverse mortgages and how much equity can owners really borrow?