Reverse mortgage laws are regulations put in place to protect borrowers who are considering a reverse mortgage. These laws govern important aspects such as eligibility requirements, loan limits, counseling requirements, and disclosures that lenders must provide to borrowers.

Some common pitfalls to avoid with reverse mortgages include not fully understanding the terms of the loan, not considering the long-term implications of taking out a reverse mortgage, and not seeking advice from a financial advisor or housing counselor before making a decision.

To stay informed about reverse mortgage laws, it is important to regularly check for updates on government websites, consult with a housing counselor who specializes in reverse mortgages, and read educational materials provided by reputable sources.

If you suspect a reverse mortgage scam, it is important to report it to the appropriate authorities such as the Consumer Financial Protection Bureau or your state attorney general’s office. You should also consider seeking legal advice to protect yourself from potential fraud.