Reverse Mortgage Facts
Myth vs. Truth
A lot of what people “know” about reverse mortgages is outdated or just wrong. Tap each card to see the real answer.
The bank takes ownership of your home once you get a reverse mortgage.
Tap to reveal the truthYou keep ownership of your home. The loan is only repaid when the home is sold.
Tap to flip backYour heirs could be stuck paying off a huge debt after you’re gone.
Tap to reveal the truthHeirs never owe more than the home’s value, even if the house has depreciated.
Tap to flip backYou have to make a monthly payment, just like a regular mortgage.
Tap to reveal the truthThere’s no required monthly payment. Unpaid interest is simply added to the loan balance.
Tap to flip backYou must own your home outright, with no mortgage, to qualify.
Tap to reveal the truthA current mortgage doesn’t disqualify you. It just needs to be paid off using the reverse mortgage funds.
Tap to flip backThe money can only be used for medical bills or home repairs.
Tap to reveal the truthProceeds can be used however you need — medical costs, utilities, paying off high-interest credit card debt, and more.
Tap to flip backReverse mortgages are only a last resort for people who’ve run out of options.
Tap to reveal the truthThey’re increasingly used as a strategic tool to boost cash flow, or even to purchase a new home.
Tap to flip backHave a question about your own situation?
Get in touch
Renee Duval, Independent Mortgage Broker, NMLS #97967 · Licensed by the New Hampshire Banking Department · Equal Housing Lender.
This is general information, not a loan offer or guarantee of terms. Actual eligibility, rates, and available loan amount depend on individual circumstances.
Homeowners who obtain a reverse mortgage are always responsible for property taxes, insurance, maintenance, utilities, and HOA fees (if applicable).
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