Largest Reverse Mortgage Lender Exits Business
Wells Fargo will no longer offer reverse mortgages to customers as a result of economic uncertainty. Because home values are unpredictable and it is hard to determine the extent to which seniors can go to meet their obligations. Earlier this year, Bank of America made a similar decision.
The timing of the decision comes after increased regulation in the industry that would make the operations even more difficult. Unfortunately, this is the time when seniors need money the most.
Wells Fargo will continue to provide service to customers with existing loans.
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