Reverse Mortgage Misconceptions
1. Reverse Mortgages are only for desperate seniors, or for the "house rich, cash poor." --INCORRECT. The reverse mortgage is an excellent financial planning tool that has been used by homeowners from all walks of life to enhance their retirement years. While some have needed the cash from a reverse mortgage more than others, the growing popularity of this product is evidence of its benefit in a wide array of financial circumstances.
2. Your home must be debt-free to qualify for a reverse mortgage. --INCORRECT. Even seniors with an outstanding first mortgage or some other debt on their home may qualify for a reverse mortgage. The proceeds of the reverse mortgage, though, must first be used to pay off such debts.
3. The Bank owns the home after you get a reverse mortgage. --INCORRECT. You own your home and retain title throughtout the life of the reverse mortgage. Once you permanently move out of your home or pass it to your estate, the loan must be repaid.
4. When a reverse mortgage comes due, the bank sells the home. --INCORRECT. When the loan must be repaid, you or your heirs can either pay the balance due on the reverse mortgage and keep the home, or sell the home and use the proceeds to pay off the reverse mortgage.
Ted Lewicki of Pillar Financial Services specializes in reverse mortgages for seniors. He will be happy to come to your home for a relaxed conversation about your options. A reverse mortgage is a type of home equity loan that allows you to convert some of the equity in your home into cash while you retain home ownership. Rather than making a payment to your lender each month, the lender pays you. Unlike conventional home equity loans, most reverse mortgages do not require any repayment of principal, interest, or servicing fees for as long as you live in your home. Funds obtained from a reverse mortgage may be used for any purpose, including health care, housing expenses, taxes and insurance, fuel, and maintenance costs. http://www.pillarmortgage.com/
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