The Consumer Financial Protection Bureau (CFPB) announced this week that it has released a new version of its consumer guide to reverse mortgages, translated for Spanish-speaking consumers.
“The guide, also available in English, provides an overview of many key concepts of reverse mortgage loans,” said Cora Hume from the CFPB Office of Older Americans in the announcement of the translation’s availability. “With simple text and graphics, the Reverse Mortgage Discussion Guide can be used to help potential borrowers understand what a reverse mortgage is and whether it is the right loan for them.”
The Bureau encourages providers of reverse mortgage products to share the document with anyone who falls into their circle of influence.
“You can share this resources with your friends, family, senior clients you serve, financial caregivers, and anyone else who could benefit,” Hume said. “Copies of both guides are available to download, as well as available for single or bulk orders for free.”
The guide was initially released by the CFPB in late 2017. Upon its initial release also came a report by the Bureau which warned seniors that taking out a reverse mortgage could be an “expensive way to maximize Social Security benefits.” That warning received criticism from both reverse mortgage industry participants and the National Reverse Mortgage Lenders Association (NRMLA).
“We always encourage consumers to consider any financial decision as part of their comprehensive retirement financial plan, and to seek guidance from qualified individuals who are familiar with their personal situation,” said NRMLA CEO Peter Bell at the time.
The English or Spanish language versions of the guide can be viewed online at CFPB’s dedicated reverse mortgage informational website, which also includes links to place orders for physical copies of the guide either individually or in bulk.