Recently Wells Fargo departed from the Reverse Mortgage Market. This after B of A pulled the plug not too long ago. The facts of the matter are; Reverse Mortgages are still plentiful and will remain available to seniors unless HUD (unlikely) cancels the insurance program. However they may be tweaked in two specific areas. First, the loan limits will most likely drop from … [Read more...] about Shake Up in Reverse Mortgage Lending?
The Reverse Mortgage Purchase Option This link goes takes you to a 2 page document that discusses briefly using a Reverse Mortgage to purchase a property. Often seniors (those 62 and over) will consider placing a Reverse Mortgage on their home for a multitude of reasons, many of which are the same if you use the Reverse Mortgage to "Purchase" a home. Click on the link above … [Read more...] about Reverse Mortgages – Dream Loan or Equity Pit?