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Myth 1
The lender owns
the home.
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You will retain the title and
ownership during the life of the loan, as long as you continue to live in
the home, maintain your home and pay your property taxes and homeowners
insurance.
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Myth 2
The home must be free and clear of any
existing mortgages.
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Actually, many borrowers use the
reverse mortgage loan to pay off an existing mortgage and eliminate monthly
mortgage payments.
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Myth 3
Once loan proceeds are received, you pay
taxes on them.
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Reverse mortgage loan proceeds
are tax-free. Money you receive from refinancing your home, regardless of
the type of loan is not taxable. If you are on a low income government
subsidy, check with the appropriate agency for any impact on your
eligibility.
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Myth 4
There are restrictions on how the proceeds
may be used.
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The cash proceeds from the
reverse mortgage loan can be used for any reason. Many borrowers use it to
supplement their retirement income, delay receiving social security
benefits, pay off debt, pay for medical expenses, remodel their home, or
help their adult children.
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Myth 5
Only low income seniors need reverse
mortgages.
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Many affluent senior borrowers
with high dollar homes and healthy retirement assets are using reverse
mortgage loans as part of their financial and estate planning. We work
closely with financial professionals and estate attorneys to protect your
estate and enhance your overall quality and enjoyment of life.
Forward from Ty Laffoon
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