“Wells Fargo & Co. decided to exit reverse mortgages after federal officials insisted it foreclose on elderly customers who were behind on property tax and insurance payments, a Wells executive wrote in an email to business contacts Friday.” [American Banker]
2 Comments
Reverse mortgages are a great product.
The real story here though is the continued pillaging of the US homeowners via local property taxes that forces seniors, (often even those getting significant exemptions due to age), to fall behind on these EXTORTION payments to local governments….
Many reverse mortgage agreements don’t even authorize a foreclosure for that reason.