Myths about reverse mortgage

Here you have the Myths about Reverse mortgage. what to expect and what are the real facts

Myths:

• The bank owns the home.
• People with a reverse mortgage will owe more than their house is worth.
• Reverse Mortgages are too expensive because the rates are high.
• A reverse mortgage is a solution of last resort.
• A Home Equity Line of Credit (HELOC) is a better option.
• The bank can force the homeowner to sell or foreclose at any time.
• The homeowner cannot get a reverse mortgage if they have an existing mortgage.

Click here to get the facts