If I have a Reverse Mortgage, I will lose the title and my property will belong to the government or to the bank.
A Reverse Mortgage is a lien on the property. You will still have the Title to the property and own it.
If I do a Reverse Mortgage, then I will not have any equity left on my property and there will be nothing left for my heirs.
With a Reverse Mortgage it is very difficult to use up all the equity in the property. The amount borrowed is a portion of the property’s value. The property will continue to appreciate in value; in many cases the equity will increase in value.
Refinancing my property and getting “cash out” is better than doing a Reverse Mortgage.
If you refinance the property to get “cash-out” on the equity, there will be monthly payments that need to be repaid as well as income and credit verifications.
I will shop around to get the best rate available with different lenders.
The rates on a Reverse Mortgage are not calculated by The company; they are calculated and regulated by the Federal Government and Housing and Urban Development, HUD. This means that every lender will give you the exact same rate.
I already have a mortgage; therefore, I don’t qualify for one.
You can use the Reverse Mortgage to payoff the balance of your current mortgages or line of credit and continue to live in the property without having to make any monthly mortgage payments.
I have bad credit and low income; indeed, I don’t qualify for a Reverse Mortgage.
With a Reverse Mortgage there are no income, credit or health qualifications.
Reverse Mortgages are very expensive.
Even though you can finance the costs through the Reverse Mortgage, you will have no monthly payments on the property… EVER.
I have to fix up my property to be able to qualify for a Reverse Mortgage.
Your property does not have to be in perfect condition to qualify for a Reverse Mortgage.
We are not eligible because my spouse is not 62 years old.
While it is true that borrowers must be 62 or older, if one spouse is not 62, there are some strategies that can be employed and will enable you to obtain a Reverse Mortgage
