Reverse Mortgage Myths vs Facts

 

Word-of-mouth information can be completely misleading. This section of our website presents the truth behind common misinformation regarding Reverse Mortgages.

 

MYTH # 1:

The lender will own my home

 

FACT:

The Lender does NOT take control of the title. You and your family or your estate retain ownership of your home. The home must be in, and REMAIN in, the name of the borrowers only. The lender's interest is limited to the outstanding loan balance ONLY.

 

MYTH # 2:

Reverse Mortgage lenders just want to sell my house

FACT:

The opposite is true. The lender’s goal is for you to keep your home and maintain your financial independence. The loan becomes due ONLY if/when you decide to sell your home, move away, or upon the death of the borrower.

 

 

Next Question >