Reverse Mortgage

CFPB released a new resource for older homeowners who have a reverse mortgage loan. The guide, You have a reverse mortgage: know your rights and responsibilities, provides reverse mortgage borrowers with information on their ongoing obligations with their Home Equity Conversation Mortgage (HECM), the most common type of reverse mortgage loan. Topics include how a borrower may pay-off the loan, what happens after the borrower moves out of the home or dies, what heirs need to know, and more.

This guide is intended to help older homeowners meet their reverse mortgage (Home Equity Conversion Mortgage (HECM)) loan obligations while recovering from a hurricane, fire, flood or other natural disaster. The guide reviews reverse mortgage obligations, provides tips for dealing with your insurance company, and offers additional resources for assistance.