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Reverse Mortgages Bad Reputation

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Forbes Article Posted by Wade Pfau. Why Reverse Mortgages bad reputation may be misleading, is it all hype or can these loans really help senior borrowers? This great Forbes article covers just that!

Reverse Mortgage bad reputation

Before discussing how reverse mortgages can fit into your retirement income plan, it is worthwhile to first consider in greater detail the bad reputation reverse mortgages have developed. Some aspects of that bad reputation are based on misunderstandings, some aspects were true in the past but have since been mitigated, and some aspects may still remain. Read more of the article by clicking here

Reverse Mortgage Professional

Disclaimer:(1)Loan proceeds are paid tax free; consult your tax advisor. (2) If you qualify and your loan is approved, a Reverse Mortgage must pay off your existing mortgage(s). With a Reverse Mortgage, no monthly mortgage payment is required. Borrowers are responsible for paying property taxes and homeowner’s insurance (which may be substantial). We do not establish an escrow account for disbursements of these payments. Borrowers must also occupy home as primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan must be paid off when the last borrower or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, or does not comply with the loan terms. Reverse mortgages are first and second mortgage loans. These materials are not from HUD or FHA and were not approved by HUD or a government agency.

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