In the News

Title

Financial Planners Continue to Dispute CFPB Report on Reverse Mortgages

Document Type

Article

Publication Date

9-7-2017

Abstract

Major upcoming changes to the reverse mortgage program may have dominated industry headlines over the past week, but financial planners have continued to respond to another Home Equity Conversion Mortgage story: a Consumer Financial Protection Bureau report that warns against using the products to delay Social Security payments.

Last week, American College of Financial Services professor Jamie Hopkins took to two online news sources — Forbes and The Hill — to rebut the CFPB, which posited that the costs associated with a reverse mortgage outweigh the benefits of using a HECM line of credit to delay Social Security payments.