Mark A. King, Reverse Mortgage Consultant for Wells Fargo Home Mortgage, majored in business administration at Kent State University. Mr. King has over twenty years experience in the insurance and financial services. He has taught continuing legal education for the Cuyahoga, Summit and Parma Bar Associations. Mark can often be found at area senior events educating seniors and their families about Reverse Mortgages.
"A common misconception is that the goal of the Bank is to someday own their home". This is simply not the case. The homeowner or their estate will retain control of the home. Even if a senior uses all of their available equity, they cannot be forced out of their home. Loans are FHA insured to be non-recourse. "Education is the largest barrier to more Greater Clevelanders taking advantage of Reverse Mortgages".
HUD standardized Reverse mortgages in 1989. The amount of Reverse Mortgages written has grown at an average annualized rate of forty-two per cent since1989. One of the primary benefits of a Reverse Mortgage is that it allows a senior to use a portion of their equity, and repayment is NOT due until the remaining homeowner is no longer a resident of the home. No employment or credit requirements are required. The amount of funds that a senior can borrow is based on a HUD formula which factors in the home value, age of the borrowers and where the home is located. Funds can be taken as a lump sum, monthly cash advances or as a line of credit. A line of credit makes cash available on request. Many seniors have used Reverse Mortgages to pay off existing mortgages, lines of credit, even credit card debt.
Mark and his wife Connie are proud parents of two children and reside in Greater Cleveland.
