- From: <Jeffrey.Moulton@mortgage.wellsFargo.COM>
- Date: Sat, 1 Dec 2001 19:05:52 -0600
- To: jeffrey.moulton@WellsFargo.COM
Homeowners over the age of 61 are giving themselves a "raise" through
participation in the reverse mortgage program designed by the U.S.
Department of Housing and Urban Development (HUD). The program enables
homeowners to turn their home equity into tax-free income while requiring no
monthly repayment.
Sound too good to be true? You can thank your elected representatives
for their support of this program since the 1980s.
The FHA-insured reverse mortgage is a special type of home equity loan
that allows participants to convert a portion of their locked-up home equity
into spendable income while retaining ownership. The program works much like
a traditional mortgage - but in reverse. Rather than making monthly payments
to the lender, the lender makes loan distributions to the borrower. The
amount of tax-free income that the homeowner may receive is based primarily
on the age of the participants and the homes value. In this program, older
homeowners may receive more than their younger counterparts. No repayment of
the loan is required until the home is no longer occupied as the principal
residence. Eligibility requirements are quite simple and do not impose any
standards based on income, assets, credit or employment.
"The reverse mortgage is a safe, financial alternative enabling older
homeowners to comfortably remain in their homes and enjoy a secure
retirement," said Jeffrey Moulton of Wells Fargo Home Mortgage. "Because
fixed income levels often prevent older adults from qualifying for standard
loans, FHA developed the reverse mortgage program to provide a viable
option."
The benefits of this program are numerous. The tax-free cash that is
made available can be used for any purpose. Many participants have used the
loan proceeds to payoff their existing mortgages, to pay their property
taxes, for medical expenses, to payoff credit cards and to make home
improvements. Reverse mortgage payments do not affect Social Security or
Medicare benefits.
Seniors often worry that the expenses of homeownership will force them
to lower their standard of living. This is a choice that most older
homeowners simply do not want to make. With the reverse mortgage program
many seniors are able to give themselves a "raise" without selling some of
their assets.
To learn more, please contact Jeffrey Moulton of Wells Fargo Home Mortgage
at 800-950-3297 or visit the website www.reversemortgages.net.
Based in Des Moines, Iowa, Wells Fargo Home Mortgage, Inc., is a subsidiary
of Wells Fargo & Company (NYSE: WFC). It is the leading originator and
servicer of residential mortgages. With a presence in more than 1,200
mortgage stores and Wells Fargo bank locations serving all 50 states, Wells
Fargo Home Mortgage operates the leading mortgage lending network in the
country. Combined, its retail and wholesale lending operations provide
funding for approximately one of every 15 homes financed annually in the
United States
Jeffrey D. Moulton
National Marketing Manager, Senior Products Group
Wells Fargo Home Mortgage
(303) 449-9225 - Office
(303) 579-3525 - Cellular
(303) 449-9293 - FAX
jeffrey.moulton@wellsfargo.com
Received on Saturday, 1 December 2001 20:15:24 UTC