Wells Fargo Reverse Mortgages

I want you to imagine making mortgage payments. It probably won't be hard. Now just think about what it would be like if the bank paid you a mortgage instead. Each month you would receive a check for the equity in your home instead of sending in a check to build equity in the home. That's essentially what a reverse mortgage is. In this article, I will offer you some information on a Wells Fargo reverse mortgage loan.

Many seniors facing retirement have an uncertain future ahead of them. Sure, they may collect Social Security and dip into their savings, but will it be enough? It's hard to tell with this unstable economy. Yet, most retirees have spent their whole life paying off the mortgage and have gained considerable equity in their home. For them, a Wells Fargo reverse mortgage may be the best option.

Of course, there are some qualifications before you can apply for this type of loan. First of all you have to be 62 years of age or older. Next, you actually have to have some equity in your home. Finally, if you still any mortgage debt, whatever proceeds given for the loan first have to be applied to paying off your mortgage debt before you can use it for anything else. In addition, your property must be a single family or up to a four unit dwelling and you can demonstrate that you have occupied the home as your principal residence for the majority of the year.

Since you are not making monthly payments on the loan you will be required to pay the loan if you decide to sell your home in the future. Don't worry - nobody can force you to sell your home to collect payment either. You get to decide when to sell your home. When you do the proceeds are applied to the balance of the loan. The nice thing about a Wells Fargo reverse mortgage loan is that the balance cannot exceed the value of your home when you sell it.

This means if there is still a balance left over after your home is sold the bank itself will have to pay the difference.

If you wish to apply for a Wells Fargo reverse mortgage you have to speak with a reverse mortgage counselor. The Department of Housing and Urban Development can help you in person or over the phone to make this happen. If you're interested in a Wells Fargo reverse mortgage loan contact one of the reverse mortgage consultants today to start the process!