Reverse Mortgages; the top myths & misunderstandings

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Mortgage and Lending with Fairway Independent Mortgage Company 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.

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Realtors®
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Localism Brainstorming
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Posts to Localism
Tags:
seniors
west palm beach
reverse mortgages
broward county
jupiter
florida
palm beah county
boca delray beach

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Jay Beckingham

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