CFPB Releases New Resource for Current Reverse Mortgage Borrowers

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.