There is a lot of misinformation out there about Reverse Mortgages, so I would like to help clear up some of those common myths. If you have additional questions please feel free to contact me.
Reverse Mortgage Myths
- You lose your home
- It’s only for broke people
- It’s free money
- My equity isn’t safe
- It’s not a safe program
Reverse Mortgage Facts
- You retain title to your home*
- Many retirees use a reverse mortgage
- It’s a specialized loan
- Reverse mortgages that are FHA-insured (Home Equity Conversion Mortgages) are insured by the Federal Housing Administration providing protection for both borrowers and lenders
* There are some circumstances that will cause the loan to mature and the balance to become due and payable. A reverse mortgage loan is secured by a mortgage on your home and failure to comply with loan terms could result in foreclosure. Borrower is still responsible for paying property taxes, homeowner’s insurance, and maintenance. Credit is subject to age, property, income guidelines and credit history. Program rates, fees, terms and conditions are not available in all states and are subject to change.