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It's only one mortgage loan but because they are Federally-Insured HUD has a 2nd trust deed on the property to insure that in the event the loan servicer or bank should fail the Federal Housing Administration can continue guaranteeing the borrowers payments on the loan and transfer the servicing to another company.

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Q: Why are there two mortgages in a reverse?
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Where might one go online to find information on Wells Fargo Reverse Mortgages?

There are several online websites which provide information about the Wells Fargo reverse mortgages. Reverse Mortgages, American Banker and New America Media are online sources pertaining to Wells Fargo reverse mortgages.


What is a government insured reverse mortgage?

Most reverse mortgages today are government insured reverse mortgages. This simply means its an FHA loan. The FHA HECM program insures the loan to the lenders, provided they follow FHA's guidelines for doing reverse mortgages.


Where can i find a bank that does reverse mortgages for seniors ?

You can go to http://www.bestreversemortgage.com/ to find information on what banks do reverse mortgages for senions. This site also gives a lot of information regard reverse mortgages and the fraud that is being targeted towards seniors.


Are you able to take a reverse mortgage to use equity in the down payment of another home while the present home is on the market?

No. There are strict rules regarding reverse mortgages. You should check out a bridge loan.No. There are strict rules regarding reverse mortgages. You should check out a bridge loan.No. There are strict rules regarding reverse mortgages. You should check out a bridge loan.No. There are strict rules regarding reverse mortgages. You should check out a bridge loan.


Is there a website that has comprehensive information about reverse mortgages?

On aarp.org they have varying explanations of reverse mortgages explained by different people. Additioally, consumer.ftc.gov is a reliable and reputable source.

Related questions

Does the company Wells Fargo offer reverse mortgages?

Wells Fargo does not offer reverse mortgages. As of June 2011 they released a news segment saying they will no longer offer reverse mortgages. Being one of the leading in reverse mortgages previously it is strange to see why.


Does the bank pay for ads for reverse mortgages?

Yes. If the bank advertises reverse mortgages it must pay for the advertising.


What do you need to know about reverse mortgages for seniors?

You should find out the terms and costs for getting reverse mortgages for seniors


Where might one go online to find information on Wells Fargo Reverse Mortgages?

There are several online websites which provide information about the Wells Fargo reverse mortgages. Reverse Mortgages, American Banker and New America Media are online sources pertaining to Wells Fargo reverse mortgages.


What is a government insured reverse mortgage?

Most reverse mortgages today are government insured reverse mortgages. This simply means its an FHA loan. The FHA HECM program insures the loan to the lenders, provided they follow FHA's guidelines for doing reverse mortgages.


Do you have reverse mortgages for seniors?

johnl:www.seniorreversemortgage.com


What are reverse mortgages and how do I qualify for one?

Reverse mortgages are becoming increasingly popular and are available to thousands of homeowners ages 62 and higher. To get all the information on reverse mortgages visit http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm.


Where can i find a bank that does reverse mortgages for seniors ?

You can go to http://www.bestreversemortgage.com/ to find information on what banks do reverse mortgages for senions. This site also gives a lot of information regard reverse mortgages and the fraud that is being targeted towards seniors.


Where can I learn about reverse mortgage wells?

Reverse mortgage wells refer to the reverse mortgages that Wells Fargo used to provide, but no longer due. Information on reverse mortgages can be found on a banking website or reversemortgagedaily.com.


What if one spouse is 70 and the other spouse is 45 can a reverse mortgage still be done?

No, not if both own the real estate. There are age limits for reverse mortgages. You need to consult with a local bank for some details about reverse mortgages.No, not if both own the real estate. There are age limits for reverse mortgages. You need to consult with a local bank for some details about reverse mortgages.No, not if both own the real estate. There are age limits for reverse mortgages. You need to consult with a local bank for some details about reverse mortgages.No, not if both own the real estate. There are age limits for reverse mortgages. You need to consult with a local bank for some details about reverse mortgages.


What are my options for reverse mortgages in california?

California does indeed have reverse mortgages but if you do not qualify there are at least 6 different options that you can go to if you dont qualify.


Are you able to take a reverse mortgage to use equity in the down payment of another home while the present home is on the market?

No. There are strict rules regarding reverse mortgages. You should check out a bridge loan.No. There are strict rules regarding reverse mortgages. You should check out a bridge loan.No. There are strict rules regarding reverse mortgages. You should check out a bridge loan.No. There are strict rules regarding reverse mortgages. You should check out a bridge loan.