A reverse mortgage can solve a lot of financial problems if you are over the age of 62. There is a lot of misinformation out there that can make many seniors worried over the wrong information. With 30 years of experience, we are here to help clear a few things up for you. If you have been searching for a “Reverse Mortgage Near Me,” look no further. We are here to help you understand what is really going on and guide you throughout the process.
5 Common Misconceptions
1. The lender will own my house with a reverse mortgage.
Just like any regular mortgage, you will still retain ownership of your home. The loan is secured by a deed of trust like a regular mortgage. The only difference is that you will no longer be making mortgage payments.
2. I can be thrown out of my home.
If you take advantage of a reverse mortgage, you actually have less of a chance of being thrown out. You can stay in the home until you choose to move out for any reason. At that point, the reverse mortgage loan would be paid off first upon the sale of your home.
3. If the loan exceeds the property value, I will owe more than my home is worth.
The amount of your reverse mortgage will never exceed the value of your home. If it happens to exceed the value of the property, the additional amount will be forgiven.
4. My children will lose their inheritance.
Usually, homes will appreciate over time. So, most homes should be worth enough to pay off the reverse mortgage and have a little left over.
5. A reverse mortgage costs too much.
The benefits of a reverse mortgage far outweigh the costs. You could be able to finance all of the closing costs, so you will not have to pay anything out of pocket. As long as you are following the terms, you will not have to make a monthly mortgage payment.
Your “Reverse Mortgage Near Me” Solution
We are the “Reverse Mortgage Near Me” solution you have been searching for. Contact us today to get started on applying for a reverse mortgage. We have all the expertise to make the process as simple as possible.
Call Mortgage South today at (423) 624-3878 to discuss your reverse mortgage options.