Myths of Reverse Mortgages

Getting the Facts

If I get a Reverse Mortgage, the government will own my property and can take it at any time. WRONG. The homeowner continues to own the property. The lender-not the government-lends the money and the government insures the loan. The lender has the homeowner sign a note and a deed of trust just like on a forward loan. The deed will be recorded to show a lien on the property just like on a forward loan.

The homeowner can sell the property at any time by paying off the loans on the property just like a forward loan and also even like a HELOC. Homeowners, do not listen to every person who criticizes Reverse Mortgage Loans. Many of them want you to get a second loan from them, want you to let them sell your property, or want you to buy some financial product. Many of them have no idea of what they are talking about. 

Get professional advice from a professional. It will be worth your while, this is your financial life.

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