The National Reverse Mortgage Lenders Association (NRMLA) is urging the Consumer Financial Protection Bureau (CFPB) to overhaul reverse mortgage disclosures, arguing that tailored, simplified materials could help consumers better understand the products and their risks.

In an Aug. 10 comment letter responding to the CFPB’s request for information on promoting access to mortgage credit, NRMLA said reverse mortgages require a disclosure framework designed specifically for the products rather than one based largely on forward lending concepts.