Reverse mortgage lenders and servicers are changing the source for part of your loan’s interest rate. Loans based on an interest rate index called LIBOR are changing to a new index starting June 30, 2023. The change should have only a small effect on your loan balance.
Learn what a reverse mortgage is
A reverse mortgage is a special type of home loan only for homeowners who are 62 and older. With a reverse mortgage, the amount the homeowner owes goes up–not down–over time. Read more
Not everyone is eligible for a reverse mortgage
Along with age, there are a few other requirements for taking out a reverse mortgage loan. Read more
Reverse mortgage loans generally must be repaid when you sell or no longer live in the home
In addition, the loan may need to be paid back sooner, such as if you fail to pay property taxes or homeowner’s insurance or don’t keep your home in good repair. Read more
Do you serve older adults or family members managing money for a loved one?
Read blog posts, press releases, and related research and reports on issues that affect older Americans
Understand your situation
Submit a complaint
If you are having an issue with a reverse mortgage, you can submit a complaint to the CFPB. We’ll work to get you a response from the company.