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Wells Fargo Exits Reverse Mortgage Market

Wells Fargo will stop offering new reverse mortgages.

Wells Fargo will stop offering new reverse mortgages, The Wall Street Journal reports. The special type of home equity loan available only to homeowners over the age of 62 is run through a program by the U.S. Housing and Urban Development Department.

The San Francisco-based bank will continue to service existing loans, but will not create new loans from the end of June 2011. The reverse mortgages made up about 1.2% of Wells Fargo’s total mortgage volume.

Click here for the story from The Wall Street Journal.

Click here for the additional coverage from Reuters.

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