In the News

Title

Cordray Seeks CFPB Board’s Help to Spread Reverse Mortgage Warnings

Authors

Alex Spanko

Document Type

Article

Publication Date

11-6-2017

Abstract

Richard Cordray used a speech before the Consumer Advisory Board to advocate recent government warnings about the use of reverse mortgages to delay Social Security benefits.

Cordray, director of the Consumer Financial Protection Bureau, pointed to a report his agency released this past summer, which found that the costs of originating a Home Equity Conversion Mortgage often outweigh the benefits of delaying Social Security payments to receive higher payouts.