Common Reverse Mortgage Misconceptions

Misconception #1
REVERSE MORTGAGES ARE ONLY FOR DESPERATE SENIORS, OR FOR THE "HOUSE RICH, CASH POOR."

INCORRECT

- The Reverse Mortgage is an excellent financial planning tool that has been used by homeowners from all walks of life to enhance their retirement years. While some have needed the cash from a Revers Mortgage more than others, the growing popularity of this product is evidence of its benefit in a wide array of financial circumstances.


Misconception #2
YOUR HOME MUST BE DEBT-FREE TO QUALIFY FOR A REVERSE MORTGAGE.

INCORRECT

- Even seniors with an outstanding first mortgage or some other debt on their home may qualify for a Reverse Mortgage. The proceeds of the Reverse Mortgage, though, must first be used to pay off such debts.


Misconception #3
THE BANK OWNS THE HOME AFTER YOU GET A REVERSE MORTGAGE.

INCORRECT

- You own your home and retain title throughout the life of the Reverse Mortgage. Once you permanently move out of your home or pass it to your estate, the loan must be repaid.


Misconception #4
WHEN A REVERSE MORTGAGE COMES DUE, THE BANK SELLS THE HOME.

INCORRECT

- When the loan must be repaid, you or your heirs can either pay the balance due on the Reverse Mortgage and keep the home, or sell the home and use the proceeds to pay off the Reverse Mortgage.

 

Free Reverse Mortgage Quote and Analysis

Reverse Mortgage Nation will provide you with a no-cost, no-obligation, Free Reverse Mortgage quote. We will only need basic information about you and your property and will be able to offer an instant estimate and analysis regarding a Reverse Mortgage.

Your Name:
Address:
City, State, and Zip code:
Home Phone:
Work Phone:
Best time to call:
Your Email:
Comments:

This site is styled using Cascading Style Sheets, which your browser does not support. To see this site as intended, upgrade to a newer, standards-compliant browser such as Firefox.

Equal Housing Reverse Mortgage Lender     Reverse Mortgage Nation