Welcome to Reverse Mortgage

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Frequently Asked

Reverse Mortgage Myths

Absolutely not true. A Reverse Mortgage is the same as any other regular mortgage. You will be on title to your home and the bank has no ownership in your home.

Absolutely not true. You still own your home and because a reverse mortgage requires qualification on the younger of the two individuals potentially living in the home both of you will be able to live there until you die. ** This rule was not in effect prior to 2014 so this is why you may have heard horror stories of people losing their homes on older Reverse Mortgage loans. It is impossible for this to happen since 2014.

Not true, anyone with enough equity can qualify for a reverse mortgage
If you do have a mortgage when you choose to refinance into a reverse mortgage…
The existing mortgage loan gets paid off with the new Reverse Mortgage

Not true: A reverse mortgage is just a regular mortgage, where you are deferring the interest of the mortgage onto the principal balance. You still own the home and you can still sell the house, refinance the house, or leave the house to your family when you are gone.
Absolutely not true … A Reverse Mortgage is a non-recourse loan, which means it doesn’t matter what assets you have or if you’re underwater or not, your family will receive their inheritance and house if you wish to leave to them. The mortgage company has nothing to do with your assets or your inheritance that you want to leave to your family when you’re gone

1- no mortgage payment for the rest of your life or your spouse’s life

2- monthly annuity style payment for life

3- cash out available at closing

4- heloc (Home equity line of credit available to give you future cash with no payment)

Interview Questions

People may qualify for more than just a standard option:

  • A) No mortgage payment for the rest of their life and their spouse’s life.
  • B) A home equity line of credit available after the 12th month that they can borrow against for any reason, with no payment on the equity line as it just goes against the balance of the reverse mortgage. The equity line will continue to grow every year regardless if they borrow money against it or not.
  • C) A monthly payment like an annuity for the rest of their lives. The amount is dependent on their age and the amount of equity they have in the house, and they can sometimes choose lifetime, five-year, 10-year, or lifetime repayment to them.
  • D) Cash out at closing just like on any other cash-out refinance, again dependent on equity and age.

Main Objections

No there’s no difference in a reverse mortgage and a forward mortgage you are still the owner of your house

Yes absolutely if there is equity left in the house when you and your partner are gone the equity goes to your family just like any other mortgage home

Does my family over the balance? Absolutely not your family will never oh anything, a reverse mortgage is a non-recourse mortgage in my own grandmother‘s example she had assets to give to the family and her house was underwater with the reverse mortgage, we signed the house over to the bank and did not owe them anything even though she was upside down by $60,000 and all of her assets were still distributed to the family through her will just like any other death/inheritance

Reverse mortgage is the exact opposite of a regular mortgage instead of making monthly payments every month where your principal goes down after your interest is paid there is no principal payment on a reverse mortgage only interest and the interest is added to your principal balance every single month so every month your balance will go up but regardless of how long you live or how much equity is in the house you and your spouse will always get to live there for the rest of your life.