Reverse Mortgage Expert on a One Woman Crusade to Dispel the Myths about Reverse Mortgages…. Part 2
By Sue Haviland, Author of Senior Solutions, Secrets to Maintaining Independence and Choice for Life.
In our last article, we looked at a few of the myths and misconceptions that still surround the reverse mortgage product. Here are even more….
4) If you have a mortgage on your property, you cannot get a reverse mortgage.
This is not only incorrect, I find that the majority of my clients do have an existing mortgage and getting rid of that monthly payment burden is the goal they have in mind when they first call me. During our initial consultation, they are quite relieved when I explain that the reverse mortgage proceeds can indeed used to pay off any existing liens.
5) If you get a reverse mortgage, you cannot leave your house to your children.
With a reverse mortgage, the homeowner retains title to the property. So if the intent is to leave the home to children or others upon the death of the borrower that can be stated in the will. You can also consult with an elder law attorney to be sure that your wishes are stated just as you want. The reverse mortgage does not prevent a senior from leaving the home to heirs. To the contrary, I often find that in the course of the reverse mortgage process, the family will come together and discuss these very issues.
6) If you take out a reverse mortgage, your kids will be against it.
Nothing could be further from the truth. With very rare exceptions (another topic for another day) the children are 100% in favor of mom and/or dad taking out a reverse mortgage. The idea that the kids are counting on getting a “free and clear” home as part of their inheritance is just not the case. Instead, they are relieved that mom and/or dad are able to stay in their own home which often holds many memories for the entire family and that they will have the ready cash to meet expenses. With families spread out all over the country, I hear comments like, “I’m glad that mom will be able to hire someone to take care of the yard and clean out the gutters. Since I do not live close by it is difficult for me to help her. But now I know she can pay someone to do these chores.” Or, “We were going to move dad to assisted living in Florida so he could be near us but he didn’t want to leave his friends and activities in Houston where he has lived for so long. With a reverse mortgage he can pay for someone to help with the upkeep on his home and we know he has the money to pay for his medicine. ”
With the growing demand for reverse mortgage in our country today and the many protections this program provides for both the senior and the family, de-bunking these myths will reduce the needless skepticism on the part of the consumer. It is easy to get the facts from a reverse mortgage specialist who has the knowledge and the expertise to present the information. At that point, the senior can make the appropriate decision. Helping a senior make the most of their retirement years is just what this product is meant to do, and has done for thousands and thousands of reverse mortgage clients who tell happy stories indeed.
If you would like information about a reverse mortgage in The Villages, Florida, contact your iReverse Reverse Mortgage Specialist. We are dedicated to answering all of your questions and providing the knowledge you need to make decisions for your future. Call 800-486-8786 ext 813.