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Mortgages are a Big Source of Senior Complaints

| Jul 11, 2017 | Uncategorized |

The Consumer Financial Protection Bureau was launched by Obama after the financial crisis.

The Consumer Financial Protection Bureau recently published an article on common financial complaints of the elderly in “A snapshot of complaints made by older consumers.”

Mortgages, both traditional and reverse, were a big source of complaints.

Older Americans often have difficulty dealing with lenders, especially when any changes are made, such as when a mortgage is being taking over by a different servicing company. Credit cards were another frequent source of complaints, since older Americans have found it difficult to resolve billing disputes, ID theft and being signed up for unwanted services.

Finally, dealing with banks was also a source of many complaints. Older Americans have had problems with account management, after a spouse passes away and getting banks to recognize powers of attorney.

This list of common complaints to the CFPB can be used by elder law advocates and elder law attorneys to determine what areas they should focus on, when they try to educate senior citizens about potential problems.

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