You might not be ready to explore the benefits of a reverse mortgage loan, but that doesn’t mean it’s not a valuable tool that can benefit your whole family now.

Since its introduction in 1961, the reverse mortgage has morphed from the loan of last resort into a valuable financing option used by more than a million households as a cornerstone of their retirement strategy.

Growing old is a privilege — thankfully one that more and more Americans will experience. The first Baby Boomers turned 65 in 2011, and since then, there’s been a swift increase in the size of the 65-and-older population, which grew by over a third since 2010. In fact, no other age group has seen such fast growth.

Did you know that April 2 was International Fact Checking Day? Since there are so many misconceptions about reverse mortgages, it seems like the ideal time to lay them to rest and discuss how reverse mortgages can be a powerful financial planning tool — especially in today’s financial climate:

Here are some common reverse mortgage myths you may have heard:

• They’re considered a last resort when you have no other options
• This type of loan takes advantage of older homeowners

Choosing a reverse mortgage lender can be a challenging task for most. RMF can help you understand the differences between lenders like mortgage lender fees and more.