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Common Reverse Mortgage Misconceptions

1. You can't qualify for a Reverse Mortgage if you already have a mortgage on your home.
FALSE: Even seniors who have an outstanding mortgage or some other debt on their home may qualify. The proceeds of the reverse mortgage would be used to pay off such debts and the remainder would be available to you.

2. The bank will own my home after I get a Reverse Mortgage.
FALSE: You retain ownership of your home just as you would if you were to take a "regular" mortgage. However, if you permanently move out or the home passes to your estate, the loan must be repaid.

3. When a Reverse Mortgage comes due, the bank sells my home.
FALSE: When the loan must be repaid, you or your heirs can either pay the balance due on the reverse mortgage or sell the home and use the proceeds to pay off the reverse mortgage.

4. Reverse Mortgages are only for the most desperate situations.
FALSE: The Reverse Mortgage is a tool used by seniors from all walks of life to enhance their retirement years, not just for those with difficult financial problems.

Call for more information or click here and answer a few general questions to have a qualified Reverse Mortgage Specialist call you with specific answers to your specific situation.

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