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The Reverse Mortgage PARADOX

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The government-sponsored loan that’s ignored

Last week we reported a Consumer Financial Protection Bureau data release finds nearly one million older homeowners are facing potential foreclosure and eviction. The following week the Secretary of HUD sat with the CEO of AARP to discuss seniors aging in place, and senior housing security.

The CFPB report begins with this paragraph. “Since April 2020, the Census Bureau has tracked the number and characteristics of homeowners struggling to make their mortgage payments. As of July 2021, an estimated 682,400 older adults, defined as adults age 65 and older, were behind on their mortgage payments.” Not to be hyperbolic but it’s quite alarming to learn that mortgage delinquencies and homeowners with zero confidence they’ll be able to make next month’s mortgage payment account for nearly 1 million seniors. Such news is not only distressing but should spur the pursuit of all possible foreclosure prevention options.

Surprisingly the CFPB’s report does not mention reverse mortgages a single time.

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