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Reverse Mortgage Myths in Calverton New York
The Mortgage Outlet has discovered that there a lot of misinformation and mortgage myths about Reverse Mortgages in Calverton New York. A reverse mortgage is a home equity loan which allows homeowners 62 years or older to convert some of their home-equity into tax-free income without having to make any repayments on any part of the loan as long as they will continue to live in the home. The tax-free proceeds from a reverse mortgage can be used for any purposes. Reverse Mortgages were created to enhance the lifestyle of the borrower for the rest of their life.
Myth # 1: The Bank will own my home.
Fact: Your title will not change until you sell your home and you will maintain ownership of your property. The lender will place a lien against your property just like a regular mortgage.
Myth # 2: With a reverse mortgage, I can lose my home.
Fact: Your home can never be foreclosed upon for not making mortgage payments as not payments are required.
Myth # 3: In order to get a reverse mortgage, there cannot be any mortgage/liens on my property.
Fact: As long as you have enough equity in your home base on your age and the appraised ... more
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