What's more, homeowners who might be seeking a reverse mortgage will still have at least one large provider MetLife Bank and plenty of small independent firms from which to choose.

But though there's no reason to panic, there are still plenty of questions to be answered. What does Wells Fargo and Bank of America leaving the business mean for the reverse mortgage product and the industry? What should folks who might need or want reverse mortgage do now or in the future?

Reverse mortgages are relatively new products in the world of retirement income, and there's much confusion over how they work. In essence, here's what the national trade group, the National Reverse Mortgage Lenders Association, says about them: "Reverse mortgages are available to seniors 62 years old and older with significant home equity. They are designed to enable elderly homeowners to borrow against the equity in their homes without having to make monthly payments as is required with a traditional 'forward' mortgage or home equity loan. Under a reverse mortgage, funds are advanced to the borrower and interest accrues, but the outstanding balance is not due until the last borrower leaves the home, sells or passes away. Borrowers may draw down funds as a lump sum at loan origination, establish a line of credit or request fixed monthly payments for as long as they continue to live in the home."

Those who have a reverse mortgage originated by Wells Fargo or Bank of America have no need to worry, said Peter Bell, president and CEO of the National Reverse Mortgage Lenders Association. "All current Wells Fargo reverse mortgage borrowers will continue to be serviced and funds made available," Bell said in a statement. Ditto those who had one with Bank of America.

Why did Wells Fargo exit the reverse mortgage business?

In a statement, Wells Fargo said it was leaving the reverse mortgage business in part because of "unpredictable home values." And Bank of America said in February that the staff and resources used by the operation were needed in other parts of the company.

Experts, however, said Wells Fargo's departure was less about falling house prices and had more to do reputational risk and the business line's contribution to company's revenues and profits. "To really understand what caused Wells Fargo to leave the industry, you also need to understand how small their reverse mortgage division really is," said Colette A Gray, a senior loan officer and reverse mortgage specialist at Home Safe Reverse Mortgage. "With a 26% share of the market and a No. 1 position in the industry, their reverse mortgage division represents only a tiny 1.2% of their overall retail volume. The potential damage to their reputation in foreclosing on the comparative few in technical default is overwhelming. It simply isn't worth the risk to them."