Bank Regulator Publishes Consumer Advisory Alert on Reverse Mortgages

image The Office of the Comptroller of the Currency (OCC) issued a consumer advisory alert last week, to help consumers better understand reverse mortgages. 

The information developed for consumers discusses basic facts about reverse mortgages, which are complex, home secured loans said the statement.  The advisory, Reverse Mortgages: Are They for You also reviews the costs and benefits of reverse mortgages.

In addition, the OCC’s consumer advisory provides basic “rules of thumb” for consumers who are considering a reverse mortgage — the advisory urges consumers to:

  1. Investigate other alternatives in addition to reverse mortgages
  2. Remember that reverse mortgages generally make more sense the longer the consumer remains in the home
  3. Be wary of anyone trying to sell other products along with a reverse mortgage.

The OCC urges consumers to consult with a qualified, independent housing counselor before entering into a reverse mortgage, and explains how consumers may obtain additional information about reverse mortgages.

You can read a copy of the advisory here.

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