NRMLA Writes Letter to Seniors Following CFPB Study

As part of its new Borrow With Confidence campaign, the National Reverse Mortgage Lenders has published an open letter to seniors noting the commitment of reverse mortgage lenders to helping seniors make informed choices. 

Noting the recent Consumer Financial Protection Bureau study that found “confusion” in the reverse mortgage market, NRMLA writes that it is addressing the issue of misinformation through the Borrow with Confidence campaign. 

“Through our ongoing public education efforts, the National Reverse Mortgage Lenders Association is aggressively trying to help seniors avoid short-sighted or misinformed choices.  We share the CFPB’s concern that seniors and their adult children need a more in-depth understanding of reverse mortgages,” writes NRMLA president and CEO Peter Bell. 

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The letter also notes the code of ethics to which all members adhere, toward the effort of honest and clear information provided to reverse mortgage borrowers as well as their families. 

View the letter

Written by Elizabeth Ecker

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  • Mr. Kaiser,

    First, my condolences to you and your family.  While I have only been married 36 years, it is hard for me to even imagine how you are dealing with your loss.  Certainly this is a very difficult time to be dealing with a mortgage which is now legally due and payable.

    Unfortunately many mortgages are not assumable.  Legal title is one issue and being added to a reverse mortgage quite another.  Life is full of making decisions with no clear picture of what the future holds. Your current situation is clearly one of those.

    I have no idea what your circumstances or those of your family may be but you need to act as quickly as possible to find out your options.  It would be a good idea if you obtain counseling or meet with a financial advisor to explore your options.

    From a reverse mortgage perspective there are no easy answers but before you give up, you should seek out family, friends, church affiliation, and other sources to see if they can help in anyway.  We have seen some very interesting results but to be clear sometimes there is simply nothing which can be done.  You should immediately contact the lender to understand how their extension of time for payment work.  By following the rules, some have extended their pay off period for nine months, others 12 months, in a limited number of other cases for 15 months.  Learn the rules and rights as early in the process as possible.

    Again my condolences and I wish you the best in resolving your situation.  I hope you will quickly find an acceptable resolution.

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