SAN FRANCISCO — Wells Fargo may have gotten out of the reverse mortgage business this summer, but the move isn’t saving it from a potential class action over its handling of existing loans.
The suit, filed Wednesday in the Northern District of California, alleges that Wells Fargo has been demanding the full repayment of the mortgage balance from heirs of reverse mortgage holders. The suit contends that federal law requires that family members be given the option of buying out reverse mortgages for the house’s appraised value.
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