OCC Releases Advisory On Reverse Mortgages

The Office of the Comptroller of the Currency (OCC) has issued a consumer advisory to help consumers better understand reverse mortgages.

The information developed for consumers discusses basic facts about reverse mortgages, which the OCC describes as ‘complex, home-secured loans.’

The consumer advisory additionally provides basic ‘rules of thumb’ for consumers who are considering a reverse mortgage, urging consumers to investigate alternatives to reverse mortgages and 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.

SOURCE: Office of the Comptroller of the Currency

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