Common Misconceptions about Reverse Mortgages
“The lender takes the house”
– Homeowner retains full ownership
– Reverse Mortgage is just a loan
“I can be thrown out of my home”
– Homeowner can stay in home until loan maturity event occurs (Sale of home, move out of home, borrower passes away)
“I can owe more than my home is worth”
– Homeowner can never owe more than value of home
“My heirs will be against it”
– Experience demonstrates heirs are in favor of Reverse Mortgages