Reverse Mortgage Loans
When you purchase a place, you are making a monetary commitment for the following 20-30 years-a large portion of your life. Did you know that after you reach the age of 62, you are entitled to a reverse mortgage from Wells Fargo Bank? If you're a senior citizen curious about getting a new home, you may be interested by this program.
This permits pensioners to move nearer to their children or grandchildren, who may live in far-off states. The homeowner is free to do whatever she or he wishes with the money received from the bank, as long as s/he doesn't owe cash on another mortgage. In that case, the funds must first be used to pay the monthly mortgage payment.
This may sound like it is too good to be true. The company guarantees these reverse loans to interested senior voters. Whether or not the banks were to fail, senior citizens would still get their cash under this program.
You may be puzzling over why Wells Fargo would offer such a program to old age pensioners, as it does not appear to earn money for them. The reason is that when old age pensioners take advantage of this program, they are giving Wells Fargo the right to any proceeds from the sale of the house in exchange for the regular payment. However, this does not necessarily mean that the house owner or his successors will not get any money from the sale of the house. If the house sells for bigger than the quantity of the reverse mortgage, the home-owner or his successors keep the difference.
Obviously this program has many advantages for pensioners. Some senior citizens who have never owned a home may eventually be in a position to realize this dream with the assistance of such a loan. Not having the ability to keep the results of the resulting sale of the house is a tiny price to pay for the freedom that comes with home possession.
This permits pensioners to move nearer to their children or grandchildren, who may live in far-off states. The homeowner is free to do whatever she or he wishes with the money received from the bank, as long as s/he doesn't owe cash on another mortgage. In that case, the funds must first be used to pay the monthly mortgage payment.
This may sound like it is too good to be true. The company guarantees these reverse loans to interested senior voters. Whether or not the banks were to fail, senior citizens would still get their cash under this program.
You may be puzzling over why Wells Fargo would offer such a program to old age pensioners, as it does not appear to earn money for them. The reason is that when old age pensioners take advantage of this program, they are giving Wells Fargo the right to any proceeds from the sale of the house in exchange for the regular payment. However, this does not necessarily mean that the house owner or his successors will not get any money from the sale of the house. If the house sells for bigger than the quantity of the reverse mortgage, the home-owner or his successors keep the difference.
Obviously this program has many advantages for pensioners. Some senior citizens who have never owned a home may eventually be in a position to realize this dream with the assistance of such a loan. Not having the ability to keep the results of the resulting sale of the house is a tiny price to pay for the freedom that comes with home possession.
