Today borrowers are more likely to be in their early 60s (62 is the minimum age), and they are overwhelmingly (70%) choosing a fixed rate lump sum payment option.

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The CFPB is concerned that some loan officers may be promoting fixed-rate, lump-sum reverse mortgages over adjustable-rate loans.

WSJ: Rethinking Reverse Mortgages, Part 2: Pitfalls and Dangers

Instead of annual raises that would drive up fixed costs, workers will receive lump sum payments and profit-sharing bonuses.

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Traditional home-equity loans mostly charge fixed rates, and the borrower gets the money in one lump sum.

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Today, 70 percent of HECM loans are fixed rate, where proceeds are disbursed only through a single lump sum.

FORBES: Reverse Mortgages Fall Short of Their Potential, Says a New Government Report

While most HECM reverse-mortgage options carry adjustable rates and offer a line of credit or annuity-like payouts over time, the sole fixed-rate HECM choice is available only with a lump-sum payout.

WSJ: Rethinking Reverse Mortgages, Part 2: Pitfalls and Dangers