Country Wide Reverse Mortgage Company was set up in the year 1969 to offer services to the people, which would enable every individual in availing a home. The company Country Wide, deals in reverse mortgage products and is also regarded as one of the largest home lenders in United States of America.
Features of reverse mortgage products offered by Country Wide reverse mortgage company:
The applicant has to be retired and hence above 62 years.
He should be having his own house
He should be staying in that house.
Country Wide does not get the repayment of the reverse mortgage loan amount while the borrowers are living in the house or while they are alive. However, the lending company is entitled to get back the money once the borrower(s) die. If they decide to shift elsewhere (at least for a period of 12 months), decide to sell off the house or transfer the property. The title right of the property is retained by the borrowers while they are still alive despite the fact that they have borrowed money in a reverse mortgage scheme.
Effect of US subprime crisis on Countrywide:
Of late(during the last 6 months), Country Wide reverse mortgage company has altered certain norms pertaining to reverse mortgage products. It was required to effect these changes owing to the aftermath of the US subprime mortgage crisis. These changes were made towards the end of 2007. They may be summarized as under.
The company has decided not to pay back “back end premiums” pertaining to Home Equity Conversion Mortgage or HECM and other products of Simple Equity.
The company altered it model pertaining to “sales coverage”. It was decided that from then on (after the model was altered), there would be a “centralized team” comprising specialists in reverse mortgage. The “forward” as well as “reverse” mortgage specialists would work ijn unison.
Lately, Countrywide Bank and Countrywide Home Loans have both been catering to the financial needs of the senior citizens with their reverse mortgage products.