Misconceptions of Reverse Mortgage – TZ incomplete
Misconceptions of Florida’s Reverse Mortgage Loan Programs
Many of the misconceptions and questions I get surrounding Florida’s Reverse-Mortgage program is clarified below. I’m going to go over many misconceptions and myths surrounding Reverse Mortgage.
Will the lender own my home when I take out a Reverse Mortgage?
This is among the most popular myths and misinterpretations surrounding Reverse mortgages. When you take out a reverse mortgage on your home you are still the owner plain and simple. You are responsible for the upkeep of your property including the payment of property taxes, insurance, and maintenance. Plain and simple you are still the owner and can still sell if you wish
Will my love ones get stuck paying for the Loan?
With reverse mortgages, the lender is only entitled to recoup their investment after refinancing or sale because this is a non-recourse loan product. The lender’s entitlement has its limits because the amount owed on the loan will never exceed the value of the home.
Can I qualify for reverse mortgage if I’m currently still making payments on my mortgage?
Absolutely, with a reverse mortgage the original loan needs to be paid off and you can use the remaining balance however you wish (within your limits). Contact your reverse mortgage lender by clicking HERE