COMMON MYTHS

There are many misconceptions about Reverse Mortgages including:

I must have good credit and income to qualify for a reverse mortgage.  

Not true!   The only qualifications are that you are a minimum of 62 years old and own your own principal residence. It's easy to see how much you can get based on your circumstances by filling out the estimate request form .

The bank will own my home.  

Not true!   All homeowners retain title to their home and you can stay in your home the rest of your life.   Any remaining equity after the Reverse Mortgage is paid back, goes to you or your heirs .

I must not have a mortgage on my home.  

Not true!   The Reverse Mortgage will be used to payoff any existing lien including mortgages, home equity loans, tax liens or foreclosure fees.   This is the most popular use of a Reverse Mortgage to get rid of monthly payments.  You can find out how much you qualify for by filling in the convenient estimate form .

I must have a desperate need for cash.  

Not true!   Besides paying off mortgages, debt or fixing up the home, a Reverse Mortgage is also an excellent source of funds for estate planning, long term care insurance, prepaid funeral plans or real time gifts to children or grandchildren.