One Woman Crusade to Dispel the Myths about Reverse Mortgages…. Part 1
By Sue Haviland, Author of Senior Solutions, Secrets to Maintaining Independence and Choice for Life
In this 2 part, article, we discuss some of the most common myths that surround the reverse mortgage program, and tell you the TRUTH!
As a 25+ year mortgage industry veteran, Sue Haviland is always looking to provide her customers with the most up to date information. So it comes as no surprise that this Maryland based reverse mortgage expert has taken a stand on the many inconsistencies and down right misleading information that are seen today.
“It is surprising to me that so many who write and speak fluently about various different types of financial vehicles could be so woefully misinformed about the reverse mortgage and its benefits to many American senior homeowners. Record numbers of reverse mortgages have been done in recent years and as our population ages this product will be in demand for years to come.”
She has made a list of the most often observed myths in the hope that by getting the facts out, senior homeowners and their families will no longer be mislead but will become educated and look to the reverse mortgage as part of their retirement planning.
As with all financial products, the senior homeowner must be sure that the reverse mortgage meets their goals and is the right option. It is also imperative that the borrower deal with a Reverse Mortgage Specialist in their area.
Here are some of the most observed myths and the truths that dispel them:
1) The bank will get your house.
The reverse mortgage is just that…a mortgage. You do not give your house to the bank. You do not sell your house to the bank. The senior retains title to the property and can even sell the home at a later date if they choose. They must continue to pay real estate taxes, homeowner’s insurance premiums, and condo fees, if applicable, just as they normally would.
2) If you use up all your money, your heirs will be left with a big bill to pay.
Reverse mortgages of today are “non-recourse” loans and the senior or their heirs cannot be left with a debt when the home is sold. This provision is one of the biggest safety nets of the reverse mortgage programs of today. It means peace of mind for the senior as well as the other family members who may be selling the property in the future.
3) The reverse mortgage is a very complicated loan.
Nonsense! It is a very easy to explain transaction when handled by a reverse mortgage expert who has made it their mission to become fully educated on the products available in the marketplace. You should always work only with a reverse mortgage consultant who is well versed and can answer all your questions to your satisfaction. With so many seniors doing reverse mortgages today, you are bound to find someone you know who has had a positive experience.
Have you fallen prey to one or more of these myths? Now that you know the truth, could a reverse mortgage in The Villages, Florida be the perfect product for you? For more information, contact a Specialist at IReverse. Call 800-486-8786 ext 813 today.