10 Myths about Reverse Mortgages

10 Myths about Reverse Mortgages

Myth 1. The bank keeps the property or the owner loses the house.


FALSE

You keep the title of your property. The loan does not need to be paid until your house is not your primary residence.

­ Myth 2. The House must be paid in full to qualify for a reverse mortgage.


FALSE

Your mortgage or existing loan can be paid with a reverse mortgage. YOU WILL NOT HAVE TO MAKE MORE MORTGAGE PAYMENTS.

­ Myth 3. When the reverse mortgage expires, the bank keeps the house.


FALSE

You or your heirs have the right to sell the property.

Myth 4.  It is more economical to move to a smaller house.


IT DEPENDS

The average cost of selling a property is around 6.5%.

Myth 5. Taxes are paid on the money received.


FALSE

The money you receive is tax free. Check with your accountant.

Myth 6.  My MEDICARE and SOCIAL SECURITY benefits are affected.


FALSE

The benefits you receive from MEDICARE and SOCAIL SECURITY are never affected.

Myth 7.  Reverse mortgages are expensive.


NOT WITH US

CLOSING EXPENSES ARE FAIR, BASED, ON THE VALUE OF YOUR LOAN. We want you to receive the maximum amount of money possible.

Myth 8.   There are restrictions on the use of the money received.


FALSE

It is your money and you can use it in the way you want.

Myth 9. Reverse mortgages are only for retired homeowners with property with a lot of value.


FALSE

Many retirees have worked their entire lives to pay for their house, and discover, when they retire, that they do not have the money to enjoy life, so they use the money they receive from the reverse mortgage to increase their income.

Myth 10.  Reverse mortgages are only for refinancing.


FALSE

You can use a reverse mortgage for many things, such as:

  • Buy a smaller house
  • Use money for what you want
  • Eliminate the payment of your mortgage

Call us and we will gladly analyze your benefits. This analysis is FREE and without obligation.

Lo Que Dicen Nuestros Clientes

Dennis G.

Due to health issues we decided to get a reverse mortgage that propects me and my wife who is not yet 62 years old.

Walkiria H.

I was able to get rid of the high monthly payment on my duplex. In my case, the property taxes and insurance are also taken care of with the reverse mortgage.

Shirley P.

Now I am enjoying the equity in my property by traveling to visit friends and family.

Pamela R.

My mother and I tried to obtain a reverse mortgage with two other lenders that were not able to get us approved. The process with Sun Capital Mortgage was very smooth and we were able to close fast. The terms were the best.

Jesus F.

I was explained in detail the benefits of a reverse mortgage on my property. The benefits are excellent and now I have peace of mind.

Roberto P.

We decided to do a reverse mortgage on our property while planning our retirement in a few years.

Felipe N. G.

My monthly mortgage payment did not let me cover my living expenses. With the reverse mortgage I now have a surplus every month.

Carlos A.

My wife and I decided to do a reverse mortgage on our property that was free and clear. Now we feel comfortable knowing that we have access to the funds in our line of credit.

Balbino E.

With the reverse mortgage we got rid of the high monthly payment to the bank. Now we have additional money to cover our living expenses. My wife and I are very happy with the decision we made.

Maria M

We were explained in detail all the benefits we could obtain from a reverse mortgage. In three weeks we received the funds and also have access to a line of credit for future use.
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