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The
Bank or Government gets or owns my house.
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Not
True. You retain title to the property and can choose
to sell the home at anytime. |
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My
children will be responsible for repayment of the Reverse
Mortgage.
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False.
The Reverse Mortgage is a non-recourse loan, which means the bank
can never come after any person or estate for repayment of the
loan. The bank can only receive payment of the loan from the value
of the home. |
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To
qualify my home must be Free & Clear. |
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Not
True. You may payoff a mortgage or equity loan with a Reverse
Mortgage. In Fact many Seniors get a Reverse Mortgage to payoff
their current mortgage just to eliminate their monthly payment. |
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I
must have good income and credit to qualify. |
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False.
A Reverse Mortgage has no income or credit qualifications. The
qualifications are that you be at least 62 years of age, the home
is your primary residence and that the home has enough equity. |
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The
Reverse Mortgage requires that I make monthly payments. |
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Not
True. There are never any monthly payments. Payment of taxes,
insurance and general upkeep of the home are the only
responsibilities of the homeowner. |
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Only
the "cash poor" or desperate senior citizens can benefit
from the Reverse Mortgage. |
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Even
though some seniors may have a greater need than others for the
cash or monthly income, the Reverse Mortgage can also be an
excellent financial or estate planning tool. |