Wells Offers Jumbo Reverse Mortgage

Wells Fargo Home Mortgage Inc., Des Moines, Iowa, has teamed up with Financial Freedom Senior Funding Corp., Irvine, Calif., to offer what the companies say is the only reverse mortgage product specifically designed for high-value homes.The Financial Freedom Cash Account provides access to millions of dollars in equity, whereas a typical reverse mortgage limits the amount that can be withdrawn to less than $325,000, the companies said. Reverse mortgages, which are available to persons 62 and older who own their own home, enable homeowners to withdraw equity and receive tax-free benefits without selling their home, giving up title, or taking on a new mortgage payment. "With the increased awareness of reverse mortgage programs among senior homeowners with high home values, many are looking to explore the opportunities which only jumbo reverse mortgages can provide," said Jeffrey S. Taylor, a vice president in Wells Fargo Home Mortgage's senior products group. "These homeowners may enjoy the benefits of a higher credit line, wealth transfer, and funding for health care or medical treatment." The companies can be found online at http://www.financialfreedom.com and http://www.wellsfargo.com.