Special offer

Reverse Mortgages; the top myths & misunderstandings

By
Mortgage and Lending with Christensen Financial Mortgage 385907

please let me make this very clear. at this time i am only discussing the FHA HECM, government insured home equity conversion mortgage.

*you cannot lose your home. the FHA guarantees that you can stay in your home as long as you maintain the home and pay your taxes and insurance

*when you pass your heirs will make the decision to sell your home, or pay off the balance and retain the property. they may purchase the home for 95% of the appraised value, or the current mortgage balance whichever is less.

*when you acquire a traditional loan a lien is placed on the property. when you acquire a reverse mortgage a lien is placed on the property. the deed stays in your name, and you retain ownership.

*a reverse mortgage is too expensive. make sure you compare apples with apples, and oranges with oranges...a reverse mortgage does not require a monthly payment, may provide a guaranteed equity line, with an annual increased, a potential monthly tenure, and other options.

 

Significant changes have occurred to the program which make it a dynamic purchase and investment tool.

 

Got questions, just reach out and let me know how i may help.