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Place Your Reverse Mortgage Needs In Experienced Hands

Your reverse mortgage customer experience isn’t just about getting a loan. It’s about reaching your personal and financial goals through homeownership. Count on a Wells Fargo Home Mortgage reverse mortgage consultant to walk you through, talk you through and see you through — every step of the way.

• Expertise — Our specially trained reverse mortgage consultants are focused on finding the financing solution that works best for you. Expect to receive clear information and relevant recommendations that take your short- and long-term financial objectives into account.

• Service — Wells Fargo Home Mortgage will provide continued assistance even after your loan closing. In most cases, you’ll have a local reverse mortgage consultant or customer service representative you can call directly if you have any questions or concerns about your home financing.

Make The Most Of Retirement!

Homeownership is likely the most important wealth-building move you made in life. When you retire and your income flow changes, the home equity you’ve built over the years can serve as a resource to provide financial security and peace of mind. If you are a retiree looking for a way to manage your expenses, preserve your legacy, and promote your peace of mind, a reverse mortgage may be just the solution for you.

A reverse mortgage allows you to borrow against the equity you’ve established in your home. Instead of making monthly payments, you can choose to receive them.  That’s the “reverse” part of a reverse mortgage. To be eligible, you must be age 62 or older and own your home free and clear or have a remaining mortgage balance that can be paid off by the reverse mortgage.

You’ll want to consult a tax advisor to confirm this, but in most cases a reverse mortgage gives you access to tax-free funds, though it may impact your eligibility for some benefits.

There are no restrictions on how you may use proceeds received through a reverse mortgage. You can direct the funds toward a variety of purposes, including:

You can even use your reverse mortgage funds to purchase a second or vacation home.

With a traditional mortgage or home equity loan, homeowners qualify based on their credit history and debt-to-income ratio. They borrow money, which requires making monthly payments. A reverse mortgage pays you, and is available regardless of your current income, credit history or debt-to-income ratio.

Making an educated decision begins with addressing common misconceptions that keep many senior homeowners from looking into the advantages of a reverse mortgage. Contrary to what you may have heard — as long as all property tax, insurance and maintenance requirements are met:

1. You cannot owe more than the value of the home.
2. You retain title to the property.
3. You receive payments instead of making them. Please ask your reverse mortgage consultant for details about when repayment may be due.

As long as all program requirements are met, if an individual borrower is hospitalized in a medical facility up to a year, or perhaps wants to spend as much as six months in Florida, he/she cannot be forced to move. If one reverse mortgage co-borrower moves to a nursing home or passes away, the other(s) cannot be forced to move.

Q.  Am I qualified for a reverse mortgage if I have an existing loan on my home?
A.  Yes, but the existing loan must be paid off prior to or at your reverse mortgage closing. Quite often a reverse mortgage is used to pay off an existing loan.

Q. My property is held in a Living Trust. Do I qualify?
A. Yes, as long as you are the primary trustee and are qualified by age.

Q. My children and I own the property in joint tenancy to avoid probate. Do we qualify?
A. Yes, if the children are age 62 and older and live in the property.

Q. Does the IRS consider monthly reverse mortgage advances as income?
A. No. The reverse mortgage advances are actually loan distributions and are not considered income. Consult your tax advisor to confirm your advances would be tax-free.

Q. Are manufactured homes eligible?
A. Yes. The home must have been built after June 15, 1976, placed on an FHA approved permanent foundation for a minimum of one year, and meet minimum HUD property standards.

Q. My spouse is permanently in a nursing home. Can we participate?
A.Yes. As long as all other program requirements are met, only one owner is required to occupy the property as a principal residence.

Q. Are there restrictions on how I can use my reverse mortgage proceeds?
A. Absolutely not! It’s your money to use as you see fit.

Q. Can the lender take my home away if I out live my loan term?
A. No! Moreover, you do not need to repay the loan as long as you or one of the borrowers continues to live in the house, keep the taxes and insurance current and maintain the property to FHA standards.

Q. Will I still have an estate that I can leave to my heirs?
A.  Any remaining home equity belongs to you or your heirs. None of your other assets will be affected by the reverse mortgage. Please ask your reverse mortgage consultant for more details about repayment. Your heirs will be able to choose whether to keep or sell the home. If they decide to keep it, they must pay the balance due on the reverse mortgage. Otherwise, they may sell the home and use the proceeds to pay off the remaining mortgage. They get to keep any excess proceeds from the sale of the house.

We’ve Got Convenience Covered

No matter how you choose to work with us, you can feel comfortable calling upon our strengths and relying on our resources to fulfill your home financing needs.

• Locally — Wells Fargo Home Mortgage consultants are ready to serve you at over 2,400 locations in 50 states. Stop by a mortgage office or a Wells Fargo Bank branch.

• By Phone — If you prefer, Wells Fargo Home Mortgage can handle your mortgage application entirely by phone. Contact  King Cole, your local  reverse mortgage consultant at 512-264-2115.

• Personal Consultation — Learn more about our extensive product offerings, explore your financing options, or even begin the application.

Wells Fargo. The Next Stage®.

For over 150 years, the Wells Fargo name has stood for reliability, integrity and pioneering products and services that help people manage their money and grow their assets.  As part of the Wells Fargo family, Wells Fargo Home Mortgage can provide easy customer access to additional products and services to help achieve new goals and realize new dreams, today and in the future. 

We look forward to working with you, your friends and family members throughout a financially satisfying lifetime of homeownership.