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Facts vs. Myths Print E-mail

 

  • Myth: You’ll lose possession of your home to the lender.
  • Fact: The lender does not take control of the title. You and your family continue to retain ownership of your home after a reverse mortgage.
 
  • Myth: You will be spending your children's inheritance.
  • Fact: The bank does not lend you all the equity you have in your home. In most cases, a significant amount is preserved for your legacy. Studies show most adult children are in favor of reverse mortgages.
 
  • Myth: You may someday owe more than your home is worth.
  • Fact: A reverse mortgage is a Non-Recourse Loan. You can never owe more than your house is worth at the time it is sold.
 
  • Myth:  If the company servicing your loan goes out of business, you will lose your Reverse Mortgage.
  • Fact:  Your loan is Government Guaranteed. Should this ever happen, your loan would simply be transferred to a different company.
 
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Equal Housing LenderGateway Funding Diversified Mortgage Services L.P. d/b/a Arlington Capital Mortgage is licensed by the PA Dept of Banking as first mortgage banker & licensed pursuant to the PA Secondary Mortgage Loan Act; AR Mortgage Company License; AZ licensed mortgage banker - License (#BK0910184); Licensed by the Dept of Corporations under the CA Residential Mortgage Lending Act; DC Mortgage Lender & Broker; NV Licensed Lender; GA Residential Mortgage Licensee (#15499); IL Residential Mortgage Licensee; KS Licensed mortgage company – License #2005-4872; Licensed by the NH Banking Dept (#10192-MB); Licensed by the NJ Dept of Banking & Insurance; Licensed Mortgage Broker - NYS Banking Dept; a Mortgage Lender & Broker in RI; Licensed by the Virginia State Corporation Commission (#MLB-985); Gateway Funding is also authorized or exempt as a mortgage banker in AL, CO, CT, DE, FL, HI, IN, ID, ME, MD, MI, MO, NM, NC, OH, OK, OR, SC, TN, TX, UT, VT, WV, & WI. This is not an offer to extend credit to any individual who may be entitled to a more complete disclosure per RESPA, TILA, HOEPA or any other more applicable federal, state or local law or regulation, Rates, Terms, Fees and Equity requirements are subject to change without notice. Products and programs are subject to change without notice. For qualified borrowers only. © 2008 Gateway Funding Diversified Mortgage Services, L.P.