Myths and facts of reverse mortgages
Jun 21, 2012, 8:49 a.m.
Myth 9 - Making the decision for a Reverse Mortgage is something you decide on your own with no objective advisor available to you.
Fact - As part of the Reverse Mortgage process, all clients are required to complete a counseling session with an objective advisor. They explain all your options with your finances to make sure you are aware of all your choices.
Myth 10 - If I outlive my life expectancy, the lender will evict me.
Fact - Reverse Mortgage lenders put no time limit on how long you can stay in your home. You still own your home, you cannot be evicted. As long as you continue to maintain your home and pay the property taxes and insurance fees you cannot be evicted from your home.
Now you have all the facts! Have you heard a common myth with a Reverse Mortgage (www.onereversemortgage.com)? Want to find out if it is fact or fiction? Give us a call today, talk to one of our licensed banker who can answer all your questions about Reverse Mortgages. Get the facts, not the myths.
Richard Mandell is the Chief Executive Officer of One Reverse Mortgage (www.onereversemortgage.com), the largest Reverse Mortgage lender in America.