Reverse Mortgage Myths vs Facts

 

MYTH # 3:
Your heirs will be saddled with the loan

 

FACT:
A Reverse Mortgage is a non-recourse loan. The lender can derive repayment of the loan ONLY from the proceeds of the sale of the property.

 

MYTH # 4:
My children may owe more than the house is worth.

 

FACT:
The repayment amount of a Reverse Mortgage CANNOT exceed the home’s value—even if the home value decreases, or the borrower lives to an extremely old age.

 

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