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HUD is looking to make some changes to their Reverse Mortgage program.



additional comments on
"Reverse Mortgage Changes on the Horizon"

  1. Alisha Wade says:

    I agree with Diane. I am not a fan of reverse mortgages.

  2. Ann Wilkins says:

    I have been very wary of reverse mortgages because I have had the task of selling homes with reverse mortgages. Now…maybe it is just Wells Fargo, but they were extremely rude to my clients. Threatening foreclosure, yet not be able to contact anyone for information or just a discussion in general. Realize that all the rude personnel who worked in the Wells Fargo Short Sale dept. have now been transferred to the Reverse Mortgage dept. Being threatened with foreclosure on a house with $800,000 of equity was nerve wracking for client, escrow officer, buyer and myself! We were told to “fax” the signed contract to a Wells Fargo number – every number given was busy. Client finally took it to a Wells Fargo branch and begged them to find a working number and a live person to give confirmation of receipt. Having experienced two of these nightmares, I am just suspect of reverse mortgages. However, this was an informative video.

    1. Mr. Krispy says:

      It’s Wells Fargo. Every encounter with them has been a negative experience for my clients, and myself. They seem to act like they’re still riding Shotgun on a Stage Coach through hostile territories.

  3. Dean says:

    The high up front fees, 7,000-10,000 is enough to say NO. Pretty expensive financial counseling. Frankly, I find so many different answers to the same questions, that scares me enough. People are 90 day wonders and think they can sell a product. What is described seems so simple, so why it takes 400 pages of regulations to cover.

    1. ken truitt says:

      It takes 400 pages for the same reason Obama Care took 20,000 pages…. it’s the govt run by attorneys who couldn’t get a job in the private sector.

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