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Reverse Mortgage Myths | Part 2
Reverse mortgage myths part two. The truth about reverse mortgages is that most people just don’t understand them. I work with loan officers and Realtors every day, and the vast majority of them have no idea of how a reverse mortgage actually works.
 I am a certified reverse mortgage specialist and I have been doing reverse mortgages for over 10 years. FHA insured reverse mortgages technically called HECM, have been around since the 80s. Originally there were no credit or income qualifications and one could borrow a great deal of their homes appraised value. Because of that, many borrowers would cash out the maximum amount of equity and then default on their taxes or homeowners insurance thus causing foreclosures. This gave rise to all the myths that you hear uninformed people still spreading today.This is part two of a two-part series referencing reverse mortgage myths. To see the first part visit my blog post or my YouTube channel.Let’s look at four more reverse mortgage myths.5.    Social Security and Medicare will be affected.FALSE   Reverse mortgages do not generate income but rather allow borrowers to tap into the hard-earned equity they have achieved over the years. Technically, one is borrowing money and therefore do ... more

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