|
|
FAQ's |
 Reverse Mortgage Common Myths
- The Bank owns my home.
- Good income and credit is necessary to qualify.
- I could owe more than the value of my home.
- Reverse Mortgages are only for seniors having financial problems.
- I must make monthly payments with the Reverse Mortgage.
- To qualify, my home must be "free and clear."
Common Reverse Mortgage Myths
The Bank owns my home.
False. The homeowner retains title to the property and can sell the home at anytime.
Good income and credit is necessary to qualify.
False. No income or credit qualifications are attached to a Reverse Mortgage. You must merely be 62 years of age and your home must be your primary residence.
I could owe more than the value of my home.
False. An FHA Reverse Mortgage is a non-recourse loan. This means that the federal government insures that you can never owe more than the value of your home, and all remaining equity belongs to your heirs.
Reverse Mortgages are only for seniors having financial problems.
False. Our clients use their Reverse Mortgages in a number of ways. Home repairs. Pay off your existing mortgage or other debts. Purchase a new car. Travel. Or just make your life more comfortable and enjoyable.
I must make monthly payments with the Reverse Mortgage.
False. There are no monthly payments. The only responsibilities of the homeowner are payment of taxes, insurance and general upkeep of the home.
To qualify, my home must be "free and clear."
False. With a Reverse Mortgage, you may payoff a mortgage or equity loan. Actually, many people get a Reverse Mortgage to payoff their current mortgage and eliminate their monthly payment.
|
| |
|
