Dated back around 1850s, Wells Fargo & Company was founded by Henry Wells and William Fargo to provide banking in California. It has grown much ever since, making it one of the largest and best known banks in the world. Can we ask for reverse mortgage from this company? There has been much talk about Wells Fargo reverse mortgage, indeed. If you don’t know about it yet, let us tell you what it is all about to know before you make your way to them and ask this matter we have here. It sure is worth knowing than know nothing.
What to Know of Their Reverse Mortgage
Going back in 1989, it was the time when Federal Housing Administration introduced the Home Equity Conversion Mortgage (HECM). Despite being complex and sometimes controversial product, it makes many customers comfortable dealing with large brand. Then, around 1990s, Wells Fargo reverse mortgage came to existence to meet consumers’ needs. With Wells Fargo reverse mortgage, the company had its share market all the way up to 35.44% in 2014. This sure is quite a number of it. No other banks could top this record here.
When WF Decided to Exist This Mortgage
As wonderful as how it seems, unfortunately this product didn’t last passing the year of 2011. Sure, it benefits clients, but it does not seem to apply the same to the company providing it. Wells Fargo saw that it was no longer made any sense for their business. That is why they decided to stop offering Wells Fargo reverse mortgage. Along with them, Metlife and Back of America was doing the same thing and let the non-bank institutions to provide it instead. Are you still wondering the reason then? Yes, it is one interesting topic indeed.
Why WF Decided to Stop Offering This One
There is of course a reason why the company said that offering Wells Fargo reverse mortgage made no sense to their business. Actually, it is because borrowers have no obligation to go financial assessment to take this product. As a result, clients have more freedom to default on taxes, homeowner insurance, or even both at the same time. That is the very reason why Wells Fargo reverse mortgage is not offered anymore even up to this day. There is not yet talk to offer it again.
The Largest Reverse Mortgage Lender Ever
WF reverse mortgage might not be available anymore, but it does not deny the fact that this company is known to be the largest reverse mortgage lender in the world. Why wouldn’t it be? After all, it had offered more than 16,000 HECM loans. Although there is no talk yet about the return of Wells Fargo reverse mortgage, nothing is sure about it. If you really want to apply for one, try calling the company at 1-800-472-3209. Whether this product will be there or not, the company should provide with the right solution for the needs.