Answer: Absolutely FALSE!
While many that get reverse mortgages are struggling to pay for food, medicine and for the roof over their head, how much money you have or do not have has NO bearing on your approval or lack of approval. How old you are, how much equity you have in the home are the biggest factors on approval. Not all condominiums qualify, and many manufactured homes do not qualify, but not all are turned down either.
I did a closing for a couple that had a commercial piece of property valued at $1,000,000 - one million dollars! But they did not want to sell that property, so getting a reverse mortgage on their home and allowing them to keep that property was the way to go for them. While this situation was unusual, it goes to prove how much money you have does not matter.
As I have said before, a reverse mortgage is not right for everyone, but for those that it can help, the benefits can be enormous. Don't let false beliefs and misunderstandings prevent you from learning all the correct facts about reverse mortgages and their tremendous POSITIVE effects on many peoples lives!
Title companies & mortgage brokers, help your borrowers- arrange to have their loan signed and notarized in their home, at their convenience by a Certified Notary Signing Agent (CNSA)
Browse The Rain for a qualified and Certified Notary Signing Agent in your area.
Southwest Florida Notaries is open for your mortgage closing 24/7 at your location (Based in Murdock, FL, near Port Charlotte FL, but covering all of Southwest Florida - Manatee, Sarasota, Charlotte, Desoto, Lee and Collier counties)
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