Negatives vs. Reality

  • - The bank owns my house


  •       - Reality: RM is a lien like every loan. Lender not on title


  • - I can lose my house


  •       - Reality: Yes if you don’t pay taxes/insurance like any other loan

          - Reality: Non-borrowing spouse under age 62 no longer issue


  •       - Reality: Reverse Mortgage can make you safer in your home by eliminating a payment that could lead to foreclosure if times get tough

  • - They’re expensive

          - Reality: Many costs have come down


  •       - Reality: Like any decision, must weigh costs vs. benefits 

  • - Complaints from kids – didn’t know they’d inherit less

          - Reality: suggest seniors bring kids into conversation early in the decision so they know/approve of the Reverse Mortgage