Saturday, June 18, 2011

A Blow To Reverse Mortgages

Wells Fargo announced that it no longer will be doing reverse mortgage loans. Bank of America announced earlier in the year that they wouldn't be doing any more reverse mortgage loans.

Apparently neither banks finds them a major part of their lending business, and Wells Fargo also mentioned declining equity and housing values.

Both banks will continue servicing the loans on the books, but no new ones will be added.

These loans are heavily advertised on TV, but are no longer popular with 2 of the largest national banks.


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