Myths & Facts about Reverse Mortgage

You No Longer Own Your Home - FALSE.

You always maintain ownership and control of your home as long as you meet your mortgage obligations. You will also continue living in your home. You are still responsible to keep your house in good condition and pay property taxes.

You Will Owe More Than The Value Of Your Home - FALSE.

Most reverse mortgages come with a “No Negative Equity Guarantee”.

You Can’t Pass Down Your Home - FALSE.

Another myth is that your beneficiary won’t be able to inherit your home if you get a reverse mortgage. This is not the case as your beneficiary will always have the option of keeping the property by paying off your reverse mortgage after you pass away.