When you take out a reverse mortgage, you are not forced to relinquish ownership. You remain the owner for as long as you live there and you will never be forced to move. If you decide to sell or move from your home, the outstanding balance of your reverse mortgage becomes due just as it would with a traditional mortgage. Unlike a traditional mortgage, however, your balance can never exceed the value of your home when you sell it.

The maximum loan amount for a reverse mortgage is based primarily on four factors: the age of the youngest borrower, the location and value of the home and the current interest rate. You must occupy the home as your principal residence for a majority of the year. The property must be a single-family or two-to-four unit dwelling. Town homes, detached homes, condominium units, planned unit developments and some manufactured homes are eligible.

The home doesn't have to be owned free and clear to qualify for a reverse mortgage. You may qualify for a reverse mortgage if the home has a low remaining mortgage that can be paid off at the closing with proceeds from the reverse loan.

As a key consumer protection, all borrowers are required to participate in a free educational session with a HUD-approved counselor in order to determine if a reverse mortgage is the best option.

Wells Fargo Home Mortgage can take the application prior to counseling, however, it cannot collect any fees, order a credit report or appraisal or begin to process the loan until the borrower can show certification that the required consumer counseling was completed.

Wells Fargo Home Mortgage is the leading originator of reverse mortgages in the nation, helping senior homeowners capitalize on the equity they have built in their homes. In 2004, Wells Fargo Home Mortgage helped senior Americans secure over one-third of all reverse mortgages in the country.