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It's very likely that most of what you've heard about reverse mortgages is inaccurate at best, and downright wrong at worst.
That's why we created this guide to reverse mortgages. Not only does it clearly explain what reverse mortgages are, but it dispells the many myths about them, including that they are perfect for all seniors.
And after reading this guide, you'll know more than 99% of the people you talk to about reverse mortgages.
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What is a reverse mortgage?
Also known as a Home Equity Conversion Mortgage (HECM)
Common Myths and Misconceptions
If I do a reverse mortgage, I no longer own my home.
False. This is probably the most common myth we hear about from prospective clients’ that inquire about a reverse mortgage. Your name will ALWAYS remain on the title of the home. You still retain ownership of your home. You can sell your home or pay off the reverse mortgage at any time with no prepayment penalty. The Lender is NOT the owner of the home. YOU STILL ARE THE OWNER and always will be the owner of your home with a Reverse Mortgage.
If I do the reverse mortgage the government, bank, or lender takes my house.
Just like the above, this is not true. Again, you retain title of the home. You are not giving your home away to another entity when you do the reverse mortgage. However, it is true the government, bank, or lender may take possession of the home if you are in default of the reverse mortgage. A default may occur if you do not make timely payments for property taxes and homeowner’s insurance, you no longer occupy the property as your primary residence, or you do not maintain the home and meet HUD/FHA health and safety requirements. Generally, you have up to a year to cure the default.
If I do the reverse mortgage, my family is not able to inherit the house.
This is false. You may absolutely pass the home to your heirs. In fact, we close many HECM’s with a Trust on title. You may designate whoever you like to inherit your home! The heirs take ownership of your home once the last remaining borrower passes away.
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