Reverse Mortgages

While it may seem that Reverse Mortgages are a relatively new "tool" for financial independence, in actuality, these loans have been around for over ten years. It is only recently, however, that they have come under close scrutiny by the Federal Government. This scrutiny has resulted in many improvements which are designed to protect senior homeowners and their heirs. In fact, today, no homeowner can obtain a Reverse Mortgage without the approval of an independent government approved counseling agency!

A Reverse Mortgage is a very unique home loan that will allow a homeowner, age 62 or older, to convert a large portion of the equity in their home into tax-free cash. Unlike a traditional home equity loan, no monthly repayments are ever required. And--there is no cash outlay required at settlement! Thousands of Americans have "reversed roles" and are letting their lenders pay them-- while they remain in their home!

Reverse Mortgages have been subject to many myths and misconceptions over the years. One of the biggest myths associated with this mortgage is that the costs associated with them are simply too high. With our highly trained and experienced staff, you will be able to evaluate the total costs over the lifetime of your loan. With this information, you will be able to see how a Reverse Mortgage could actually be one of the most inexpensive sources of tax-free revenue available today to meet your financial needs.

Myth number two is that Reverse Mortgages are only for the poorest of our seniors. Increasingly, they are becoming a valuable tool in estate planning for all seniors--to offload, preserve--and potentially provide even greater wealth for their heirs.

Wells Fargo wants to stress the importance of educating our clients and the heirs of our clients about the subject of Reverse Mortgages. As one of the premier mortgage firms, Wells Fargo has a rich and vast array of financial products--so we will be sure to help you to decide whether this is the right product for you.

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Please contact Mike Maddy at
(800) 741-2049 or mike.maddy@unions.org, to schedule some time to sit down and discuss your current and future financial requirements.