Consumer Financial Protection Bureau Report Warns That Taking Out a Reverse Mortgage Loan Can be an Expensive Way to Maximize Social Security Benefits

CFPB Releases Consumer Guide and Video Explaining Reverse Mortgages

WASHINGTON, D.C. —(ENEWSPF)—August 24, 2017.  The Consumer Financial Protection Bureau (CFPB) today issued a report warning older consumers about taking out a reverse mortgage loan in order to bridge the gap in income while delaying Social Security benefits until a later age. The CFPB report found, in general, the costs and risks of taking out a reverse mortgage exceed the cumulative increase in Social Security…