The CFPB is punishing three reverse mortgage lenders

According to the CFPB, three local mortgage companies have been penalized by the Consumer Financial Protection Bureau for allegedly misleading advertising practices. According to the agency, over the past four years, all three companies have fooled consumers with various reverse mortgage ads, and that consumers who have taken out a reverse mortgage will never lose their home and can stay in the home. the rest of their lives – and that they can pay off all mortgage debt and have no monthly payments.

In accordance with the CFPB, three companies with commercial mortgage lenders have been penalized by the Consumer Financial Protection Bureau for allegedly participating in advertising practices. Consistent with the agency, three companies have engaged consumers over the past four years with various mortgage notices, and consumers who make a refund will never lose their home and can afford it. the rest of their life – and they can pay something like mortgage borrowers and have no monthly payments.

Translate ยป