Thinking of a reverse mortgage? Check out the myths…

July 26th, 2012 1 Comment

A reverse mortgage is available to retirement-aged homeowners, allowing them to receive monthly payments from a loan on their home’s equity. As a senior, perhaps you need extra funds to pay for home care NJ or other long-term care costs. You’ve seen actor Robert Wagner and actor/senator Fred Thompson recommending reverse mortgages on TV, but would getting one be beneficial in your circumstance? The National Council on Aging has identified 8 myths about reverse mortgages.

Myths About Reverse Mortgages:

  • Myth #1: They work the same as other types of home loans.
  • Myth #2: Most clients use their loan funds for “fun”–vacations and such.
  • Myth #3: They are cost-prohibitive.
  • Myth #4: They should only be used if there are no other options.
  • Myth #5: Older widows are the main people who take out reverse mortgages.
  • Myth #6: A fixed rate reverse mortgage is always a good idea.
  • Myth #7: It’s a waste of time to get counseling regarding reverse mortgages.
  • Myth #8: Most borrowers who end up facing foreclosure were victims of a scam.

Read the detailed Council on Aging myths by going to:

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