Common Misconceptions

“The lender takes the house at the end”

Homeowner always retains title and all the remaining equity passes to the heirs.

“I can owe more than my home is worth”

Homeowner can never owe more than the value of the home.

“Reverse Mortgages are only for desperate seniors, or for the ‘house rich, cash poor’”

The reverse mortgage is an excellent financial planning tool that is used by homeowners from all walks of life to enhance their retirement years.

The growing popularity of reverse mortgages is evidenced in a wide array of financial circumstances.

“Your home must be debt-free to qualify for a reverse mortgage”

Even seniors with an outstanding first mortgage or other debt on their home may qualify for a reverse mortgage.  The proceeds of the reverse mortgage must pay off any liens at the closing.