CIS: Reverse Mortgages Offer Seniors Independence, Financial Security

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Wells Fargo Decision to Exit Market Puts Smaller Lenders Forward

Despite yesterday’s announcement by Wells Fargo that they will exit the reverse mortgage lending market (Bloomberg:http://www.bloomberg.com/news/2011-06-16/wells-fargo-exits-reverse-mortgage-business-on-unpredictable-home-prices.html), reverse mortgages continue to provide seniors with a sound financial option for maintaining financially independent lives, according to the Coalition for Independent Seniors.

“Seniors should be reassured that even though Wells Fargo has decided to end its reverse mortgage division, reverse mortgages will continue to be available as a sound and reliable financial tool for seniors looking to maintain their financial independence,” said H. West Richards, executive director of the Coalition for Independent Seniors, a group dedicated to preserving and improving reverse mortgage products as a financial option for seniors. “While the large banks are leaving the market, other mortgage lenders throughout the nation continue to provide these quality financial products and services to consumers. Lawmakers and regulators know these products offer stringent consumer protections, save taxpayer money, and offer seniors the ability to use their equity wealth to maintain their lifestyle and continue to be financially independent. With costs increasing and consumer income stagnating, these products are more important than ever to our seniors who are looking to stay in their homes and meet their financial obligations.”

About The Coalition for Independent Seniors
The Coalition for Independent Seniors (CIS) is a non-partisan, non-political, public advocacy coalition dedicated to preserving independence, financial stability and economic security for seniors while protecting their ability to live financially independent lives.
To learn more about The Coalition for Independent Seniors, visit http://www.cforis.org.

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David Di Martino

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