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Volume 11 - Number 4

February 26, 2018

Downloads Available: Mortgage-Related Complaints by Seniors: 2016-2017

19% of Seniors’ Mortgage-Related Gripes Were About FHA, VA, HECMs

Approximately 19 percent of mortgage-related complaints filed by senior citizens with the Consumer Financial Protection Bureau over the last two years involved FHA forward and reverse mortgages and VA loans, according to the CFPB complaints database. The bureau received 8,323 complaints from the elderly between 2016 and 2017 regarding their experiences with FHA, VA, and Home Equity Conversion Mortgages, home-equity loans or lines of credit, conventional mortgages and other home-loan products. Over the two-year period, seniors reported 1,562 problems with their FHA mortgages (702 complaints), reverse mortgages/HECMs (488) and VA-guaranteed loans (372). Conventional mortgages received the highest number of senior citizen complaints (4,240) during the period, while home-equity loan products and other mortgages garnered 780 and 1,741 complaints, respectively. Total complaints overall began trending downward in the first quarter of 2017, from 1,241 to 508 in the ... [Chart]

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