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Wells Fargo Reverse Mortgage

Updated on September 10, 2012

Reverse Mortgage for Seniors

Have you considered getting a reverse mortgage? If you spend much time at all watching TV, there's no way you could have escaped all the commercials. Is it a good idea, though? No one can deny that the U.S. economy is in somewhat of a tailspin. The current downward spiral has negatively impacted millions of Americans, but perhaps one of the hardest hit groups is senior citizens. Most seniors are on a fixed income, and many are turning to reverse mortgages as a solution.

Definition of Reverse Mortgage

What's a reverse mortgage? For most people, their biggest asset is their home, and many seniors have their home mortgages paid off or at least mostly paid. A reverse mortgage for homeowners frees up the equity in a home without having to sell the home or pay loan payments on the funds.

Traditional home equity loans are becoming more and more difficult to get. Banks are hesitant about making loans because of the economy and their decrease in cash flow. Reverse mortgages, however, are different.

Instead of paying a monthly mortgage payment, the homeowner receives a monthly sum with the approval of a reverse mortgage, or a lump sum can be obtained. And best of all, the homeowner remains in the home for as long as he lives, and the loan isn’t repaid until the homeowner dies, sells the home, or moves to another location.

In essence, the definition of reverse mortgage is similar to selling your home without having to leave it.

Reverse Mortgage Age Requirements

The reverse mortgage age requirements are perhaps the most stringent qualification. All parties listed as owners of the home in question must be at least 62 years old. Most lenders allow two owners of a reverse mortgage, and some, like Wells Fargo, allow up to three owners. No matter how many owners of the home are listed, each must satisfy the reverse mortgage age requirements.

I've also been informed by lenders that both spouses must be over the age of 62, even if both names aren't on the deed. For example, let's say John is 65 years old, and he owns a home. He's married to Sue, but her name does not appear on the deed. Sue, by the way, is only 55. John won't qualify for a reverse mortgage because his spouse doesn't meet the minimum age requirement.

Who Can Get a Reverse Mortgage?

Single-family homes, condominiums, detached homes, townhomes, planned unit developments, and even some manufactured homes might qualify for a reverse mortgage. All the owners of the home must be at least 62 years of age and citizens of the United States, and they must live in the home full time as a permanent resident.

There is no credit check, no income qualifications, and no pre-payment penalties on most reverse mortgages. What does that mean for you? It means that most everyone 62 and older can get a reverse mortgage, as long as they meet the criteria for the loan.

Reverse Mortgage Loan Limits

Are there reverse mortgage loan limits? Yes, there are limits, but they're higher than they used to be. Because of the recent Housing and Economic Recovery Act, the Federal Housing Administration has increased the maximum amount of reverse mortgage loan limits from $362,790 to $417,000. Origination fees of reversed mortgages have also been capped at $6,000.

Reverse mortgages are based on the value of your home, so you’ll never have to worry about owing more than your home is worth. The amount of money you qualify for is based on the age of the youngest homeowner. In this case, being older is actually beneficial.

What can Proceeds from a Reverse Mortgage be used for?

Many homeowners wonder how the proceeds from a reverse mortgage can be used. Are there any restrictions? The funds a homeowner receives from a reverse mortgage can be used for anything. Recipients might choose to use the money for home improvements, to pay off other bills, to pay medical expenses, or to take the vacation of a lifetime.

A reverse mortgage for seniors allows retirees to live a life of financial independence and freedom.

Best Reverse Mortgage

You want to find the best reverse mortgage - for you and your individual situation. Homeowners have a wide range of banks and lending institutions from which to choose when it comes to reverse mortgages. If you're looking for the best reverse mortgage, check out a Wells Fargo reverse mortgage for seniors. Wells Fargo offers very competitive fees and rates associated with reverse mortgages and prides itself on immediate communication with customers.

With a Wells Fargo reverse mortgage, there’s no fee for the initial consultation. A specialist will fully explain all the ins and outs and the pros and cons of reverse mortgages with potential clients. This reverse mortgage consultant will examine your unique financial situation and tailor a reverse mortgage to fit your specific goals and needs.

Wells Fargo has banks all across the U.S., in addition to services provided online. Many of the Wells Fargo banks are even open on Saturdays to help customers with their banking needs. And, of course, I probably don't have to remind you about the institution's credibility and sterling reputation.

To recap, ask youself these questions:

1. Do I meet the reverse mortgage age requirement?

2. Do I fully understand the definition of reverse mortgage?

3. Do I understand the reverse mortgage's pros and cons?

4. Have I found the best reverse mortgage for my situation?

A reverse mortgage can provide cash for home equity.
A reverse mortgage can provide cash for home equity.

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