dba Zyng Mortgage, Zyng Mortgage Co, MLS Reverse Mortgage, MLS Mortgage and NextView Reverse Mortgage | NMLS #76801 Bob Nelsen on Government Shutdown Impact on Reverse Mortgages.Josh Borba on Government Shutdown Impact on Reverse Mortgages.Martha Settle on Suze Orman Says Yes to Reverse Mortgages.Josh Borba on Suze Orman Says Yes to Reverse Mortgages.New Reverse Mortgage Rules Starting September 19, 2017.2018 Reverse Mortgage Limit Increased to $679,650.2019 HECM Reverse Mortgage Limits Announced.Government Shutdown Impact on Reverse Mortgages.Next Post Next Independence Day Reverse Mortgage Search for: Search Recent Posts For anyone who may have been working with Wells Fargo reverse mortgage, be sure to check out our reverse mortgage calculator to see how much money you could qualify for.Īs this is a new story, we will be sure to post more details as we receive them. Wells Fargo will continue to service their existing HECM reverse mortgages. We offer competitive rates and fees and are very proficient at reverse mortgages. MLS Reverse Mortgage is available to help any seniors who may have began a loan with Wells Fargo or were looking into a loan with them. Many seniors rely of reverse mortgages to improve their every day quality of life. “I’m sure you all have seen the pricing drop from all Reverse Mortgage lenders and what I’ve been told by secondary is due to the recent announcement of Wells Fargo exiting the reverse mortgage arena most banks have dropped pricing until they see exactly what the investor community will do here… I think we will be OK, but it is going to take a little time to process and settle into the new landscape. Here’s an email we received from one of our wholesale lenders today: The reason is that the secondary market becomes very uneasy when such a large originator of reverse mortgages decides to stop offering the product. We are going to see some pricing increases as we saw when Bank of America left the reverse mortgage business. The government’s HECM or reverse mortgage program was designed in a different economic time.” In their press release the company stated that “the decision was made based on today’s unpredictable home values along with the restrictions associated with reverse mortgages that make it difficult to determine seniors’ abilities to meet the obligations of homeownership and their reverse mortgage, e.g., payment of property taxes and homeowners’ insurance. There is a lot of speculation as to why Wells Fargo reverse mortgage would make this move. This comes after their Maannouncement that they were exiting the wholesale reverse mortgage business. Wells Fargo, the leading originator of reverse mortgages, announced today that they will discontinue offering Home Equity Conversion Mortgages (HECM).
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