10 Myths about Reverse Mortgages

10 Myths about Reverse Mortgages

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


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.


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.


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

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


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

Myth 5. Taxes are paid on the money received.


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

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


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

Myth 7.  Reverse mortgages are expensive.


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.


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.


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.


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.

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