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NEA Home Financing
Program®
Reverse Mortgages: A
New Advantage For Seniors Who Own Their Homes
One way to be able
to enjoy "the golden years" has many seniors reaching for their
phones. The reverse mortgage, a type of home equity loan,
is fulfilling the financial needs of thousands of seniors across
the country, offering them continued security and independence.
Why is the
reverse
mortgage becoming so popular? Because, unlike other home
equity loans, it was specifically designed to meet the needs of
seniors. The need for additional money with no payments, the
need to meet the loan qualifications, even with no income or less
than perfect credit, the need for a permanent place to live.
Sound too good to be true? Not anymore. It's here, it's commonplace,
and it's utterly safe. Wells Fargo Home Mortgage, Inc., the
nation's largest mortgage lender and reverse mortgage originator,
has been offering reverse mortgages since 1991 and has closed thousands
of them across the nation. Best of all, these loans are fully
insured by the Federal Home Administration (FHA).
The loan
is called a reverse mortgage because the direction of payments is
reversed - the lender pays the borrower rather than the other way
around. The borrower can receive the funds in their choice
of a lump sum payment, line of credit, monthly payments for as long
as they live in the home, or any combination of these choices.
Some programs offer monthly payments for a specific period of time,
while others can be combined with an annuity to offer monthly payments
for life, no matter where you live. The borrower can remain
in the home for the rest of their life should they choose to do
so. No repayment is required until the borrower permanently
vacates the home.
The qualifying is very
straightforward. Every borrower must be 62 or older and must
be living in the home. There are no credit or income requirements.
Instead, the mortgage must be paid off or nearly so. Each
borrower will need to receive educational mortgage counseling from
an approved counselor before applying for the loan. FHA requires
this counseling for the borrower's information and protection.
No medical histories or physical exams are required.
Have you
ever wondered what you would do if you had extra cash? Do you need
money for medical costs or in-home health care? A dependable car
that you could never afford? Home repairs or improvements? Perhaps
a little nest egg for emergencies and peace of mind? Or a dream
vacation you never got to take? There are no limitations on
how you spend your loan money. Listen to what actual customers
across the country are saying about their reverse mortgages…
"Until
I learned about a reverse mortgage through a friend who had gotten
one, I was pinching pennies and borrowing from my daughter.
I had lost my independence. Now that I have received my
reverse mortgage, I have money in my pocket, peace of mind and
I am happy again!"
Senior
from Florida
"Our future
looks a little brighter now".
Senior
from California
"I've
been pleased with the benefits I've enjoyed from this mortgage.
They were always ready to answer questions for my daughter or
me. It really suits me well".
Senior
from Tennessee
"I'm enjoying
the peace and quiet of not worrying about past due bills".
Senior from Michigan
Wells Fargo
Home Mortgage has more than just its size to brag about. Our
customer service is fast and easy, and one phone call gets you everything
you need. Whether you want a free brochure, in-depth analysis,
or application procedures, call 1-800-NEA-4-YOU (1-800-632-4968)
to speak to a reverse mortgage specialist. You'll find that
we do business the way you like it to be done, the old fashioned
way - both private and personal. No run around, no high pressure
salespeople. Why not call today and see if the reverse mortgage
is right for you?
As a special bonus, NEA members (or parents of members) who get
a reverse mortgage through the NEA
Home Financing Program will receive a complimentary $200 NEA Member Closing Cost Rebate. Be sure to identify yourself as a member (or parent)
when you call.†
While reverse mortgages
can be a great alternative for seniors, they are not for everyone.
Please consult your tax advisor regarding your individual financial
situation and estate planning needs.
† Borrowers are eligible for a closing cost discount after closing on any new purchase or refinance, secured by a first mortgage or deed of trust, closed through the NEA Home Financing Program, provided by Wells Fargo Home Mortgage (New Loan), on or after 12/01/2007, subject to qualification, approval and closing. Discount may not exceed your out-of-pocket costs. This discount is not available on home equity loans and lines of credit, FHA mortgage loans, assumption or modification loans, loans originated through brokers, joint ventures or other third parties, and cannot be combined with any other offer or discount. This discount must be mentioned at the time of application, and all eligibility requirements met no later than two days prior to your New Loan closing date. Only one discount permitted per New Loan. This discount is void where prohibited, subject to program availability.
Reverse
Mortgage Frequently Asked Questions
For more information:
Call 1-800-NEA-4-YOU (1-800-632-4968)
Mon-Fri 8:00 a.m. – midnight (ET)
Saturday 9:00 a.m. – 5:30 p.m. (ET)
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