Here are a list of misconceptions about reverse mortgages.

1) I lose title to my home (NOT TRUE. A reverse mortgage gives you immediate access to your equity and you retain title. You also do not have any monthly mortgage payments with a reverse mortgage)

2) When I die the bank will take my home (NOT TRUE. A reverse mortgage gives your heirs the choice of refinancing the home to pay off the reverse mortgage, sell the home and receive the funds remaining after paying of the loan, or if the home has depreciated in value and is worth less than the loan amount they can simply turn it in to the bank and walk away)

3) My heirs will have to pay any debt that I acquire in a reverse mortgage. (NOT TRUE. A reverse mortgage is based solely on the home value. If an amount is owed at the time of your death, the bank has to eat that debt...they cannot charge your heirs)

3) Reverse mortgages are too expensive. (NOT TRUE. The up front fees for the loan (origination fee and insurance fee) are expensive, but you do not pay for those fees out of your pocket, they are paid as part of the loan. After that, a reverse mortgage is the CHEAPEST loan you can get. No other loan offers the interest rates of a reverse mortgage.)

Bob
bob@az62.com
www.az62.com
623-214-6663