Reverse Mortgage Myths

You immediately sign over ownership to your home
It’s only for broke people
It’s free money
My equity isn’t safe
It’s not a safe program

Reverse Mortgage Facts

You retain title to your home as long as you meet the loan guidelines & requirements such as: maintaining the property, paying all property charges such as property taxes, homeowners insurance, flood insurance, and homeowners association dues (if applicable), and avoiding extended absences from the home longer than six months.
Many retirees use a reverse mortgage
It’s a specialized loan
Reverse mortgages that are FHA-insured (Home Equity Conversion Mortgages) are insured by the Federal Housing Administration providing protection for both borrowers and lenders

* There are some circumstances that will cause the loan to mature and the balance to become due and payable. A reverse mortgage loan is secured by a mortgage on your home and failure to comply with loan terms could result in foreclosure. The borrower is still responsible for paying property taxes, homeowner’s insurance, and maintenance. Credit is subject to age, property, income guidelines and credit history. Program rates, fees, terms, and conditions are not available in all states and are subject to change.