Comments on: Wells Fargo exit underscores trouble in reverse mortgage industry http://blogs.reuters.com/reuters-wealth/2011/06/22/wells-fargo-exit-underscores-trouble-in-reverse-mortgage-industry/ Fri, 05 Dec 2014 11:27:18 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: justamazing http://blogs.reuters.com/reuters-wealth/2011/06/22/wells-fargo-exit-underscores-trouble-in-reverse-mortgage-industry/comment-page-1/#comment-9266 Tue, 03 Apr 2012 19:14:12 +0000 http://blogs.reuters.com/reuters-wealth/?p=15420#comment-9266 Banks in general need to be up-front to these borrowers & stop hiding details to the elderly. my mother had a reverse mortgage, just passed away recently…Wells Fargo is sneaky, statements are not easy to read or figure out. The banks are totally taking advantage of
them. And then there are the STARS who promote these mortgages, who never NEED one & have no clue what they are selling. Point blank, the banks hide as mUch as they can when selling these to seniors…SHAME ON THEM!!!
HIGHWAY ROBBERY…they come in & close never explaining
the details of the schedule of repayment, not how much interest is added back in when you don’t make those payments…again the banks are crooks!

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By: JohnVeram http://blogs.reuters.com/reuters-wealth/2011/06/22/wells-fargo-exit-underscores-trouble-in-reverse-mortgage-industry/comment-page-1/#comment-5797 Wed, 22 Jun 2011 18:40:26 +0000 http://blogs.reuters.com/reuters-wealth/?p=15420#comment-5797 makes sense for Wells to exit the market , too risky for them and their reputation was on the line for 2%
lenders need to better explain the borrowers what responsibilities they will have with the reverse mortgages, and seniors need to evaluate their financial positions to make sure they can afford these payments
we plan on helping both sides improve the current system
http://www.reversemortgagelendersdirect. com/ a free quote comparison site designed for homeowners over the age of 62, to receive multiple quotes from top lenders

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