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What else can I help you with?
Where can a person go to find information on reverse mortgages?
Money Smart by Asic is a website with lots of information about reverse mortgages, how it works , what the risks are, how much a person can borrow and about negative equity protection. People can also do their own investigation.
How do banks make money on reverse mortgages?
Banks make money on reverse mortgages by charging fees, interest, and closing costs to borrowers. They also earn money through servicing fees and by selling the loans to investors.
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.
How much of a government guarantee comes with reverse mortgages?
HUD guarantees reverse mortgages as large as 625000$. You can learn all about the program at http://www.hud.gov/offices/hsg/sfh/hecm/hecmabou.cfm.
Does WellsFargo offer training on how does a reverse mortgage work?
No, Wells Fargo doesn't offer training on reverse mortgages. They might be able to explain to you what they are but it's not a class per se. To learn about reverse mortgages visit http://www.aarp.org/money/credit-loans-debt/reverse_mortgages/.
Are reverse mortgages a safe thing to do?
Reverse mortgages are basically home equity loans. It converts the equity that is in your home into cash. Generally, it is better NOT to do reverse mortgages. There is too much at risk. If you are living beyond your means, cut down on your spending and set a budget so you don't need to take the equity out of your house.
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 the significance of a reverse mortgage?
Reverse mortgages, unlike ordinary mortgages, enables one to borrow money against the value of his or her property. In this case, repayment of this mortgage is only necessary when the property is sold, or should the property owner pass away.
How do lenders profit from reverse mortgages?
Lenders profit from reverse mortgages by charging fees, interest, and closing costs on the loan amount. They also earn money through servicing fees and by receiving the home as collateral if the borrower defaults on the loan.
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.
question about getting more information regarding reverse mortgages.?
Reverse mortgages will continue to fluctuate along with the housing market. There is a direct relationship with mortgage rates and the housing market. There is a way to get this information. Simply watch Mad Money with Jim Cramer.
