Today, we released a Report to Congress on reverse mortgages. Our Office of Older Americans is dedicated to protecting this population. In that effort we have taken a special look at one financial product only sold to them: reverse mortgages.
A reverse mortgage is a special type of home loan that allows older homeowners to access the equity they have built up in their homes. They require no monthly mortgage payments, but borrowers are still responsible for property taxes and homeowner’s insurance.