Below are Reverse Mortgage facts as separated from the underlying myth for you to review.
Myth The bank owns the home.
Fact Always maintain title ownership and control of your home.
And the freedom to decide when and if you’d like to move or sell.
Myth You will owe more than your home is worth.
Fact There is a NO negative net value guarantee. You will NOT owe more than market value.
Myth A reverse mortgage is a solution of last resort.
Fact A reverse mortgage because it’s a great way to provide financial flexibility.
Since it’s tax-free money, it allows retirement savings to last longer.
Myth You cannot get a reverse mortgage if you have an existing mortgage.
Fact A reverse mortgage can pay off the existing mortgage and other debts to free up cash flow.
Myth Paying interest on the interest that is added on to the amount of money you borrow.
Fact Interest for a reverse mortgage is only charged on the amount that you actually borrow.
You do NOT calculate interest on interest throughout the life of your loan.
Myth I qualify for $275,000 Reverse Mortgage but I only want $150,000 and I am paying interest of the full amount ($275,000).
Fact Only charged interest on the amount of the actual borrowed amount andNOT the total limit.
IF you are thinking about a Reverse Mortgage Call Toll Free (866) 410-4740
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