The Consumer Financial Protection Bureau today launched an interactive reverse mortgage information resource as part of its “Ask CFPB” initiative. Ask CFPB allows consumers to ask questions and get answers on financial products and topics from credit card agreements to estate planning. It currently includes 20 reverse mortgage-specific questions and answers, with the potential to answer more as consumers ask them.
Questions like “If I take out a reverse mortgage loan, does the bank own my home?” and “How do I know that a reverse mortgage is a good idea for me?” are a few that appear on the site, currently. Additional calls to action encourage consumers to share their experience and submit additional questions. The site also links to the CFPB’s consumer complaint database where individuals can submit complaints and track them as they are resolved by the agency.
Ask CFPB is the latest step in the bureau’s effort to communicate with consumers.
“Financial markets can be complex and confusing, and consumers need information they can count on,” said CFPB Director Richard Cordray. “Ask CFPB gives consumers answers in plain language so they can make sound financial decisions. But today’s launch is just the beginning – we will continue to grow and improve this dynamic tool with the invaluable public feedback we receive.”
Visitors to the site can view entries organized by “most helpful,” “most viewed,” or “recently updated.” The majority of the entries are focused on credit card and mortgage questions, according to the CFPB.
View the Ask CFPB reverse mortgage Q&A.
Written by Elizabeth Ecker