Wells Fargo Joins Bank Of America

Wells Fargo is joining Bank of America - no, not in a merger but in terminating their reverse mortgage programs.

Bank of America announced earlier in the year that they wouldn't be doing any more reverse mortgage loans (it was such a small part of their business anyway), and now Wells Fargo has announced they are ending the program - citing declining equity and housing values among other factors.

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

 

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For more information on my coaching and educational programs and services, visit my website stevehoffacker.com, or go to my other bloghomesalesinsights.com for additional sales tips, insights, and commentary. Listen to my free podcast messages at Steve Hoffacker's Happenings.

Steve Hoffacker - Consultant, Coach, Author, Blogger, Photographer, Motivator, Teacher, & Strategist - for Realtors, Real Estate Sales Professionals, Home Builders, New Home Salespeople, Entrepreneurs, Small Business Owners, and Independent Sales Representatives.

© Steve Hoffacker, 2011. All Rights Reserved.

 

2 comments • Steve Hoffacker - Sales Trainer/Coach, Sales Books Author, Photographer • June 17 2011 12:03PM

Reversal On Reverse Mortgages

There's a lot of hype and lot of misconception about reverse mortgages. There are several commercials each day on TV about them. Congress is constantly changing the rules as well.

For the right person over age 62, and I'm told that 70 is the optimum age, a reverse mortgage can make sense. It essentially creates a life estate for the owner occupant.

Without getting into the benefits and shortcomings of the program, I noticed this week that Bank of America has decided to get out of the reverse mortgage business. They will no longer offer them or participate in the program.

It turns out that this was strictly a business decision as just 100,000 of their 14 million mortgages are of the reverse variety. They will focus on the more traditional mortgage products.

 

───

 

For more information on my coaching and educational programs and services, visit my website stevehoffacker.com, or go to my other blog homesalesinsights.com for additional sales tips, insights, and commentary. Listen to my free podcast messages at Steve Hoffacker's Happenings.

Steve Hoffacker - Consultant, Coach, Author, Blogger, Photographer, Motivator, Teacher, & Strategist - for Realtors, Real Estate Sales Professionals, Home Builders, New Home Salespeople, Entrepreneurs, Small Business Owners, and Independent Sales Representatives.

© Steve Hoffacker, 2011. All Rights Reserved.

2 comments • Steve Hoffacker - Sales Trainer/Coach, Sales Books Author, Photographer • February 10 2011 11:26AM