0
A reverse mortgage is available to seniors age 62 or older and gives homeowners access to some of the equity in their home. It can be risky, depending on a variety of factors. If one of two people living in a home dies, the other spouse is obligated to pay back the loan. However, depending on the circumstances, it could possibly result in someone having to leave their home before they're ready. Speak to your mortgage lender for more information.
What else can I help you with?
What are some facts about reverse mortgage?
For people 62 or older, a reverse mortgage can be a very good option. There are three different types of reverse mortgages. A single-purpose reverse mortgage is normally the least expensive option and is over seen by state and local government agencies. Federally-insured reverse mortgages can have high upfront costs. Proprietary reverse mortgages are provided by private companies that issue the loans.
Does the company Wells Fargo offer reverse mortgages?
Wells Fargo does not offer reverse mortgages. As of June 2011 they released a news segment saying they will no longer offer reverse mortgages. Being one of the leading in reverse mortgages previously it is strange to see why.
Does the bank pay for ads for reverse mortgages?
Yes. If the bank advertises reverse mortgages it must pay for the advertising.
Where might one go online to find information on Wells Fargo Reverse Mortgages?
There are several online websites which provide information about the Wells Fargo reverse mortgages. Reverse Mortgages, American Banker and New America Media are online sources pertaining to Wells Fargo reverse mortgages.
What is a government insured reverse mortgage?
Most reverse mortgages today are government insured reverse mortgages. This simply means its an FHA loan. The FHA HECM program insures the loan to the lenders, provided they follow FHA's guidelines for doing reverse mortgages.
Do you have reverse mortgages for seniors?
johnl:www.seniorreversemortgage.com
What if one spouse is 70 and the other spouse is 45 can a reverse mortgage still be done?
No, not if both own the real estate. There are age limits for reverse mortgages. You need to consult with a local bank for some details about reverse mortgages.No, not if both own the real estate. There are age limits for reverse mortgages. You need to consult with a local bank for some details about reverse mortgages.No, not if both own the real estate. There are age limits for reverse mortgages. You need to consult with a local bank for some details about reverse mortgages.No, not if both own the real estate. There are age limits for reverse mortgages. You need to consult with a local bank for some details about reverse mortgages.
Where can i find a bank that does reverse mortgages for seniors ?
You can go to http://www.bestreversemortgage.com/ to find information on what banks do reverse mortgages for senions. This site also gives a lot of information regard reverse mortgages and the fraud that is being targeted towards seniors.
What are reverse mortgages and how do I qualify for one?
Reverse mortgages are becoming increasingly popular and are available to thousands of homeowners ages 62 and higher. To get all the information on reverse mortgages visit http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm.
Where can I learn about reverse mortgage wells?
Reverse mortgage wells refer to the reverse mortgages that Wells Fargo used to provide, but no longer due. Information on reverse mortgages can be found on a banking website or reversemortgagedaily.com.
What are my options for reverse mortgages in california?
California does indeed have reverse mortgages but if you do not qualify there are at least 6 different options that you can go to if you dont qualify.
Are you able to take a reverse mortgage to use equity in the down payment of another home while the present home is on the market?
No. There are strict rules regarding reverse mortgages. You should check out a bridge loan.No. There are strict rules regarding reverse mortgages. You should check out a bridge loan.No. There are strict rules regarding reverse mortgages. You should check out a bridge loan.No. There are strict rules regarding reverse mortgages. You should check out a bridge loan.
