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Debunking Myths
The following myths about Reverse Mortgages are NOT TRUE:
Myth: The bank takes ownership of your home after you get a reverse mortgage.
Fact: You own your home and retain title throughout the life of the reverse mortgage. Only once you permanently move out of your home or pass it to your estate, must the loan be repaid.
Myth: Your home must be debt-free to qualify for a reverse mortgage
Fact: Most seniors who obtain a reverse mortgage already have a first mortgage - or some other debt. Eliminating monthly mortgage payments is the single most common reverse mortage benefit.
Myth: When a reverse mortgage comes due, the bank sells the home.
Fact: 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.
Myth: Reverse Mortgages are only for desperate seniors who are “house rich” and “cash poor.”
Fact: Reverse mortgages provide an excellent financial planning tool that has been used by homeowners from all walks of life to help improve their quality of life. The growing popularity of this product proves its benefit in a wide array of financial circumstances.
You decide how you want to use a reverse mortgage.
One of the main benefits of reverse mortgages is that there are no restrictions on the use of Your Home For Life proceeds. Here’s how some of our many customers have used reverse mortgages to improve their lives.
- Line of Credit for security and peace of mind.
- Supplement your current monthly income.
- Meet day-to-day living expenses.
- Eliminate existing mortgages or debts.
- Make home repairs or renovations, pay property taxes.
- Cover medical expenses, prescription drugs, home care.
- Vacation, travel, special purchases.
- Long-term health care strategies.
- Life insurance strategies
- Purchase a new or second home.
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