BOSTON: A consumer watchdog says that “Many older consumers and their families are confused and frustrated by the terms and conditions of reverse mortgages.” Since it began accepting, the watchdog says it has received over 1,200 complaints about reverse mortgages, 1 percent of all mortgage complaints.
The complaints received covered:
- Problems when unable to pay (loan modifications, collection, foreclosure)
- Making payments (loan servicing, payments, escrow accounts)
- Applying for the loan
- Signing the agreement
- Receiving a credit offer…