Why Wells Fargo Reverse Mortgage, Santa Barbara is The Best

Why Wells Fargo Reverse Mortgage, Santa Barbara is The Best

Wells Fargo reverse mortgage, Santa Barbara is the leading service provider in finance and banking.  They provide assistance in home buying and refinancing. They are dedicated to providing high levels of service and finding the most suitable reverse mortgage programs for retired individuals.

Wells Fargo reverse mortgage programs are apt and most suitable for every situation. Their outlets are present in different regions. They provide localized and experienced counseling from a dedicated group of knowledgeable mortgage specialists. In all, financial security for you and your family is guaranteed – as long as you live! Wells Fargo is the leading service provider and they have risen to success through:

• Immediate Communication
• Innovative financing programs
• Long term financial security provision, which is catered to every client
• Dedication to help customers meet their financial needs
• Catering competitive fees and rates
• Professional counseling and commitment to deliver service

At Wells Fargo reverse mortgage, Santa Barbara, they provide free consultations. This enables the investors and customers to understand the process and make an informed decision, which helps to avoid any wrong decisions. The consultation helps to maximize benefits from the investments.

Besides financial services and customer financing, Wells Fargo provides funds to new homes, businesses and employees of almost all Fortune 100 companies, who have had to be relocated. Wells Fargo is believed to be the nation’s number one provider of home refinance and provider of an extensive group of products that assist in supplying home mortgages.

Working with Wells Fargo for home financing means that you are Continue reading Why Wells Fargo Reverse Mortgage, Santa Barbara is The Best

Cary North Carolina Reverse Mortgage Lenders

Town of Cary NC
Town of Cary NC

Yet again, Cary North Carolina has proven to be one of the country’s most safest places to live with low crime rates compared to the rest of the country.  It’s no wonder that for the past 7 years Cary has seen its number of residents rise. 

There are many local reverse mortgage providers in Cary North Carolina.  With the explosion of families both young and old Cary is an ideal place to find a qualified HECM lender.

Cary Reverse Mortgage Lenders:

American Reverse Mortgage? 3900 Merton Dr, Raleigh, NC? – (919) 782-6003?

VanDyk Mortgage in Cary, NC? 1613 Walnut St, Cary, NC? – (919) 697-1135?

1. What is a reverse mortgage?

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. FHA’s HECM provides these benefits. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

Massachusettes Law On Reverse Mortgage

By the Division of Banks

Industry Guidance on Reverse Mortgage Loans

Information for Banks, Credit Unions, and Lenders seeking to make Reverse Mortgage Loans in the Commonwealth:

The Law:

In the Commonwealth, reverse mortgage loans must be made in accordance with programs which have been reviewed and approved by the Commissioner of Banks. Reverse mortgage loan programs submitted to the Division for approval must meet the requirements of M.G.L. c. 167E, §7. This provision applies to Massachusetts state-chartered banks and all other mortgagees pursuant to M.G.L. c. 183, §67. Massachusetts state-chartered credit unions seeking to make reverse mortgage loans must request approval of a program meeting the requirements set forth in M.G. L. c. 171, §65.

Borrower Protections to Provide:

These programs must provide for certain borrower protections such as:

  • Mandatory participation in a reverse mortgage counseling session approved by the Commonwealth’s Executive Office of Elder Affairs (List of Approved Counseling Services). Verify receipt of the counseling certificate from each borrower.
  • Seven day “cooling off” period following a consumer’s acceptance of a commitment, during which a consumer cannot be required to close or proceed with the loan transaction.
  • Required plain language disclosures of specific mortgage loans terms.
  • No prepayment penalties or restrictions permitted.
  • Disclosure requirement and acknowledgment of contingencies which could force a sale of the property securing the loan.
  • Inclusion of a disclosure statement that a reverse mortgage loan has estate and tax planning consequences and may affect eligibility for government benefits and that applicants are advised to seek appropriate advice. Continue reading Massachusettes Law On Reverse Mortgage