Most Common Reverse Mortgage Misconceptions

"The lender takes the house"

False, homeowner retains title to the home throughout the loan.

Reverse Mortgages are loans, and reverse mortgage borrowers will be on title like any other mortgage.

"I can be thrown out of my house"

False, You may stay on title of the home until a loan maturing event occurs. Loan maturing events include sale of the home, or non payment of taxes, or the passing of the homeowner.

"I can owe more than my home is worth"

False, homeowner can never owe more than the value of the home at the time the loan is paid off. They are non-recourse loans.

"My heirs will be against it"

False, experience demonstrates many heirs are generally in favor of Reverse Mortgages, and there are compelling estate planning values to these loans.