Will a Reverse Mortgage Really Put a Senior Out On the Street?

With all of the negative publicity about how a Reverse Mortgage will put you or your loved one out on the street, I just want to clear this up.

Reverse Mortgage for Seniors

The real question is “Can a Reverse Mortgage put a senior out on the street?” The simple answer is yes! Just like a traditional mortgage can put someone out on the street, so can a reverse mortgage. The next question would be, “Why do you promote a product that is so risky for a senior?” Its actually not risky when you understand how the reverse mortgage works.

Here is the simple truth. If a senior doesn’t pay their property taxes and insurance and keep the house in good condition (as stated in the FHA contract), then yes, they will have defaulted on their reverse mortgage loan and can therefore lose their home.

Going into a Reverse Mortgage, people must understand that these three things must be done to be in good standing with the FHA lender:

1. Pay Property Taxes

2. Pay Homeowner’s Insurance

3. Property Upkeep (must be in safe condition for the senior)

IF YOU DO THESE THINGS WITH YOUR REVERSE MORTGAGE, YOU WILL HAVE NO NEED TO WORRY! 

For more information call Jennifer Provencio 559-994-3692. NMLS ID 1172220