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Reverse Mortgage Facts Important to Seniors
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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