Reverse mortgage for home purchases A new financing opportunity for purchase transactions. Carlos A. Camargo Reverse Mortgage Specialist
Trusted leadership you can count on -meeting the needs of senior homeowners
As the nation’s leading retail originator of reverse mortgages, Wells Fargo is committed to helping seniors age 62 or older use the equity in their homes to realize financial independence and peace of mind.
Now with the new reverse mortgage for purchase program, count on Wells Fargo to help provide a new home financing option.
A reverse mortgage is a non-recourse loan that enables homeowners — age 62 and older — to convert a portion of your home’s equity into tax-free 1 funds
There are no income, health, employment, or credit-score qualifying requirements 2
The amount of funds you can qualify for is based on your age, the property’s value, and current interest rates
Funds may be obtained in a lump sum, monthly payments, a line of credit, or a combination of any of these options
Applicants must agree to participate in a counseling session with a HUD approved agency
1. Consult a tax advisor 2. Loan proceeds are not considered income and will not affect Social Security or Medicare benefits. Monthly reverse mortgage advances may affect borrower eligibility for other programs. Consult either a local program office or an attorney to determine how, or if, monthly reverse mortgage payments might affect a specific situation.
Mills introduces the Palmers to Carlos Camargo, a Reverse Mortgage Consultant with Wells Fargo Home Mortgage
Reynolds shows the Palmers how the reverse mortgage for purchase could provide the additional funds they’ll need 3
Purchase Price $300,000
Reverse Mortgage Proceeds $177,002
Cash Required To Close $123,000
3. Actual loan amounts available depend on the rates in effect when a loan is closed and the actual origination fee and closing costs charged, the appraised home value and current equity loan limits in your county.
The Palmers combine the $123,000 from the sale of their departure home, as a down payment with the $177,000 reverse mortgage to purchase a new home for $300,000 — and have no monthly mortgage payments!
For over 155 years, the Wells Fargo name has stood for reliability; integrity and pioneering progress that helps people manage their money and grow their assets. As part of the Wells Fargo & Company family, Wells Fargo Home Mortgage can provide easy access to banking, insurance, investment and consumer finance services to help our valued customers achieve their current and long-term financial goals.