The August, 2011 issue of California Real Estate magazine reports that “Seniors considering applying for a reverse mortgage to tap into their home’s equity to fund their retirement may fit it harder today to get approved for a reverse mortgage loan.
The reverse mortgage market’s two biggest players, Bank of America and Wells Fargo, which recently accounted for 43 percent of the business, according to Reverse Market Insight, have both stepped out of the market.
With declining home values today, fewer seniors qualify for reverse mortgages. And, because banks are not allowed to assess borrowers’ financial health, reverse mortgages have become a riskier proposition.”
I’ve been told by my reverse mortgage contact at Metlife that they are still offering Metlife HECM reverse mortgages to qualifying seniors. If you are interested in knowing if you qualify, please contact me at firstname.lastname@example.org and I will put you in touch with a desert area Metlife representative.