Myths


The Bank owns my house.
Not True. The homeowner retains title to the property and can choose to sell the home at anytime.

My children will be responsible for repayment of the Reverse Mortgage.
False. The Reverse Mortgage is a non-recourse loan, which means the bank can never come after any person or estate for repayment of the loan. The bank can only receive payment of the loan from the value of the home.

To qualify my home must be “ Free & Clear”.
Not True. You may payoff a mortgage or equity loan with a Reverse Mortgage. In Fact may people get a Reverse Mortgage to payoff their current mortgage to eliminate their monthly payment.

I must have good income and credit to qualify.
False. A Reverse Mortgage has no income or credit qualifications. The qualifications are that you be at least 62 years of age, the home is your primary residence and that the home has enough equity.

The Reverse Mortgage requires that I make monthly payments.
Not True. There are never any monthly payments. Payment of taxes, insurance and general upkeep of the home are the only responsibilities of the homeowner.

Only the "cash poor" or desperate senior citizens can benefit from the Reverse Mortgage.
Not True. Even though some seniors may have a greater need than others for the cash or monthly income, the Reverse Mortgage can also be an excellent financial or estate planning tool.

WHAT IS A REVERSE MORTGAGE?

Reverse Mortgages allows a senior homeowner (62+) to exchange a portion of the equity in their home for a Tax Free Income. A Mortgage Reverse has NO Monthly Payments required for as long as you live. A Reverse Mortgage Specialist provides Tax Free Cash that can be used for any purpose. With a Reverse Mortgage you retain the Title to your Home. That means with Reverse Mortgages you can sell your Home at Anytime. Mortgage Reverse allows you to receive the Cash in Monthly Payments, A Lump Sum, A Line of Credit, or a Combination of the above. A Reverse Mortgage Specialist does not affect Social Security and Medicare. With a Reverse Mortgage there is No Income, Credit or Health Qualifications.

THE PROCESS OF REVERSE MORTGAGES

  • Educate yourself about a mortgage reverse.

  • Get a free information package about a Reverse Mortgage Specialist.

  • Speak with a qualified lender about your option of a Reverse Mortgage.

  • Consult a trusted family member or financial advisor about the benefits of Reverse Mortgages.

  • Schedule a counseling session with a third party, non-biased counseling group about a mortgage reverse.

  • Upon reaching a decision to pursue a Reverse Mortgage specialist complete an application with a qualified Reverse Mortgage.

  • The Reverse Mortgages will begin the underwriting process by ordering an appraisal, title work, and other related documentation.

  • The mortgage reverse is submitted for final approval and then is scheduled for closing at a location convention for you.

  • At funding of the Reverse Mortgage you receive your Tax Free Cash.