You may have seen popular misconceptions about reverse mortgages on TV or in the news, but do you really know the truth about reverse mortgages? Reverse Mortgage Funding has created a free reverse mortgage information kit to help you learn the real truth about reverse mortgages and discover flexible financing options to meet your needs and goals in retirement. Read below to discover important reverse mortgage facts you may not know.
By clicking "GET MY INFO KIT", you are providing your signature and express "written" consent to be contacted by or behalf of Reverse Mortgage Funding LLC, its affiliates and/or its agents (collectively Company) at the telephone, email or mailing address that you have provided for purposes of fulfilling this inquiry about reverse mortgages and/or the Company's products or services, even if you have previously registered on a "do not call" government registry or requested Company to not send marketing information to you by email and/or direct mail. You agree that the Company may use automatic telephone dialing systems and prerecorded voice messaging in connection with calls or texts made to the telephone number you provide even if the telephone number is assigned to a cellular or mobile telephone service or other service for which the called party is charged. You understand that you are not required to consent to receiving autodialed calls or texts as a condition of any reverse mortgage and/or purchasing any Company products or services. If you do not wish to authorize Company to contact you in this manner, you can call 888-298-0611 to complete your request. You understand that you can revoke this consent at any time.
Just like any mortgage or home equity loan, you continue to own your home, with your name on the title. Of course, you must meet your loan obligations: keeping current with property taxes, homeowners insurance and maintenance.
Reverse mortgages are specifically designed to help older homeowners. The industry is also highly regulated: Any lender offering reverse mortgages must follow strict state and federal guidelines and regulations that are in place to protect borrowers.
Proceeds from your reverse mortgage would first be used to pay off any existing mortgage(s). Speak with us today to find out if you are eligible.
Your heirs will still inherit your home, but they will have to pay back the loan balance if they want to keep the home. Or, they can sell the home to repay the loan. Once it’s repaid, they receive any remaining equity — just like a traditional mortgage or home equity loan.
Many savvy homeowners use a reverse mortgage strategically — for example, as a safety net in case of emergencies. There have been a number of product advances that have made reverse mortgages more attractive in retirement planning. Today, financial advisors are also increasingly viewing them as an important option to be considered.
As with any mortgage, you must meet your borrower obligations throughout the life of the loan, including keeping current with property taxes, insurance, and maintenance.