Wells Fargo drops reverse mortgages citing ‘unpredictable’ home prices

Wells Fargo said Thursday that it’s exiting the reverse mortgage business, citing “today’s unpredictable home values.”

The San Francisco-based bank also said another factor was the restrictions making it difficult to determine seniors’ ability to pay property taxes, home insurance and other obligations of homeownership.

The decision means 1,000 employees will have to find new jobs within the bank or leave the company.

Earlier this year, Bank of America , (NYSE: BAC) the nation’s largest mortgage servicer, also exited the reverse mortgage busniness.

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- Posted: 2011-06-17 11:22:13

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