Myths vs. Facts About Reverse Mortgages (HECM)

October 5, 2015
myths vs facts

MYTH: I am not eligible if I already have a mortgage.

FACT: The most common reason for reverse mortgages are to pay off home loans.

MYTH: If I get a reverse mortgage, the lender owns my home.

FACT: Homeowners still retain title to their homes.  It is simply used as collateral for the loan, just like any mortgage.  The homeowner can sell and move anytime.

MYTH: Only low-income homeowners get reverse mortgages.

FACT: A growing number of people who have no immediate need, take out a reverse mortgage without accessing the funds immediately.  They then let the available funds grow at a much higher rate than available with bank CD’s.  This becomes a cushion for an uncertain financial future.

AGE of Central TX
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