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q MYTHS AND MISCONCEPTIONS
The lender will own my home if I take out a Reverse Mortgage.
- Not true. The homeowner retains title to their home throughout the life of
the Reverse Mortgage.
My heirs will be responsible for repayment of the Reverse Mortgage.
- False. The Reverse Mortgage is a non-recourse loan. The lender can only
look for repayment from the sale of the property, although the repayment may
be made from any other source and your heirs may keep the home. The lender
cannot look to the estate for repayment of the loan.
Your home must be debt free to qualify for a Reverse Mortgage.
- Not correct. You may have a mortgage or other debt on your home. The
mortgage or debt however, must be paid off first with the proceeds of the
reverse mortgage.
Only those with excellent credit, income and/or health can qualify.
- Also incorrect. There are no credit, income or health requirements for a
Reverse Mortgage. The only requirements are that you be at least 62 years of
age, that the home be your primary residence and that you have equity in the
home.
I will need to make monthly payments on the Reverse Mortgage.
- False. The homeowner is only responsible for paying the taxes, insurance
and upkeep of the home. As long as the home is your primary residence you
will never have to make a payment.
Only the "cash poor" or desperate senior citizens can benefit
from the Reverse Mortgage.
- Even though some seniors may have a greater need than others for the cash
or monthly income, the Reverse Mortgage can also be an excellent financial or
estate planning tool.
HOW DO I GET MORE
INFORMATION?
q Click Here or
call 1-888-332-2820 to get started today!
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