Is A Reverse Mortgage Right for You?

That depends on several factors.

A reverse mortgage is often used to allow a homeowner to remain in their home both from an affordability standpoint and the desire to remain in the home they cherish versus a senior living community. Although senior communities have amenities that are attractive, they can come with a cost out of reach for many retired seniors. A reverse mortgage is designed to eliminate traditional monthly mortgage payments and may provide additional monthly income based on the home’s current equity, which is typically required to be 50% or more for qualification purposes. Your current equity standing is determined by a licensed appraiser in your area.

Let’s start by talking about some of the Myths and the Facts of Reverse Mortgages:

MYTH #1 – The bank owns your home, not you.

FACT #1 – Your name remains on the title as the owner. You may sell your home at any time. If you continue to maintain property taxes and adhere to the loan obligations, no payment is due, and you control the home as you would with a traditional mortgage.

MYTH #2 – Reverse Mortgages are only for cash strapped homeowners.

FACT #2 – Many seniors with healthy assets choose reverse mortgages to leverage their financial and retirement goals.

MYTH #3 – To be eligible, your home must be mortgage free.

FACT #3 – It is common for a homeowner to use a reverse mortgage to eliminate a current mortgage and

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