Wells Fargo Reverse Mortgage Programs

The Wells Fargo Reverse Mortgage Programs

There are three main types of reverse mortgage programs. One is called the Home Equity Conversion Mortgage (HECM), which is insured by the federal government. The second type of reverse mortgage program is the Fannie Mae Home Keeper. The third type of reverse mortgage program is the Cash Account Advantage Plan. All three of these types of reverse mortgage programs are secured through a mortgage lender, such as Wells Fargo. While not all mortgage lenders offer the same reverse mortgage programs, Wells Fargo offers both of these main types of reverse mortgage loans.

There are advantages and benefits to each of these reverse mortgage plans, and the main structure of these reverse mortgage programs is the same regardless of the lender that you use. However, the lender that you choose could affect your interest rate, as well as the level of customer service that you receive during the term of the loan.

Wells Fargo reverse mortgage programs are insured by the FDIC, just as all of the transactions at Wells Fargo. Additionally, Wells Fargo assists you in completing the application process. This includes assistance in finding an acceptable credit counseling service to help you meet federal requirements and guidelines.

When you take advantage of a Wells Fargo reverse mortgage program, you are also taking advantage of a century of security. Wells Fargo has been an insured financial institution in high standing for over one hundred years. Their security and privacy policies are well established, and their lending specialists work hard to make sure that they do everything they can to support you in your financial decisions and ventures. While Wells Fargo wants to fund your reverse mortgage, they will not push you into applying for a loan that does not best suit your needs. This is an important consideration when choosing a reverse mortgage lender, especially as a senior.