Wells Fargo is getting out of the reverse mortgage business, the San Francisco-based lender has announced.

The company cited unpredictable home values in the current market in its decision to no longer offer Home Equity Conversion Loans, as reverse mortgages are formally known. It said that make it difficult to judge a senior citizen’s ability to pay property taxes and homeowner’s insurance under a reverse mortgage were also a factor.   The decision will not affect existing reverse mortgages the company has made, as the bank will continue to service current reverse mortgage borrowers. Other types of home equity loans will continue to be made available to seniors, according to Franklin Codel, head of National Consumer Lending for Wells Fargo.   Ex Read full post…