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Too Old for Trick Or Treating? Well, We Can All Say ‘Boo’ to all of the Myths About a Reverse Mortgage

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“Well, I have heard about a Reverse Mortgage,  but I just don’t think that it is a good idea.”  We hear this sentiment often from consumers because they are unsure of a Reverse Mortgage due to all the “myths” about it.  Like all products in the market, the Reverse Mortgage is not without its myths and misconceptions.  As discussed in a previous blog, there is a lot of information out there about a Reverse Mortgage via advertising. However, most consumers may not understand the truth about the Reverse Mortgage fully.

At Reverse Mortgage Answers, we provide clear and concise information about all of the things you need to know about a Reverse Mortgage.  We address the myths and misconceptions, so you have the facts to make the decision that is right for you.  Additionally, our company has had over 25 years of experience delivering high-quality customer service to our clients due to our integrity.  Whether you are reading this post at home, at work, or even while enjoying Halloween candy with your grandkids, we honestly care about clearing up any confusion or objections you may have about a Reverse Mortgage. We know that considering something new and financially rewarding may seem more intimidating, or “good to be true” upfront.  As a result, we want to ease your mind and give you confidence throughout every step of the process.

Let’s begin by clearing up any confusion about this program:

Common Myths and Facts about the Reverse Mortgage Program:

MYTH:                      If I do a Reverse Mortgage, the bank owns my home. 

FACT:                       You never give up ownership.  The Reverse Mortgage is a lien on your property just like any other mortgage.

MYTH:                      I cannot do a Reverse Mortgage because I already have a mortgage on my home.

FACT:                  Paying off a current mortgage is the first thing most people do with the proceeds from this program.  By getting rid of your mortgage obligation, you can put all of that money back in your pocket each month. 

MYTH:                      If I do a Reverse Mortgage, I cannot leave my house to my children when I die.

FACT:                       Since you always maintain homeownership, you have the freedom to leave your home to anyone you choose. 

MYTH:                      If I do a Reverse Mortgage, I cannot sell my home.

FACT:                       As a homeowner, you can sell your home at any time.  If you choose to sell your home, you must pay off whatever you owe.  The remainder of the money is yours to keep. 

MYTH:                      The money I receive from the Reverse Mortgage will adversely affect my Social Security and pension.  Also, it may put me into a higher tax bracket forcing me to pay more taxes.

FACT:                       The money you receive from the Reverse Mortgage is TAX-FREE because it is considered a loan, not income.  As a result, it will not affect your Social Security or pension.

MYTH:                 My spouse will be forced to pay back the money if I die first.

FACT:                       The loan becomes due only when BOTH original borrowers no longer live in the home.

Reverse Mortgage Answers strives to be one of the first professionals a client, business professional, or family member turns to when needing the right advice about the Reverse Mortgage.  Our success over the last 25 years speaks for itself.

Call us now and let us help you.  Also, keep us in mind that next time you hear someone talk about the Reverse Mortgage.  We are here to give you the right Reverse Mortgage Answers.  Call us at 1-800-420-5515.