How Does a Wells Fargo Reverse Mortgage Work?
Preparation Prior to obtaining a reverse mortgage from Wells Fargo, all applicants must meet with a reverse mortgage counselor. This is a requirement mandated by the Housing and Urban Development Administration. These counselors review each applicant on a case-by-case basis and determine if a reverse mortgage is beneficial, and if so, what type would best suit each borrower. Wells Fargo offers a few varieties of reverse mortgages including: an HECM (Home Equity Conversion Mortgage), a lump sum reverse mortgage, and a line of credit reverse mortgage. Each type has advantages and disadvantages–it is the responsibility of the reverse mortgage counselor to determine the best fit for each potential borrower. Eligibility Reverse mortgages are products available to all seniors aged 62 and older, who own a single-family, one to four unit home, condominium or townhome. Qualifying for a reverse mortgage is much like qualifying for a traditional mortgage. Borrowers must have satisfactory credit,
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