Here you have the Myths about Reverse mortgage. what to expect and what are the real facts
- The bank owns the home.
- People with a reverse mortgage will owe more than their house is worth.
- Reverse Mortgages are too expensive because the rates are high.
- A reverse mortgage is a solution of last resort.
- A Home Equity Line of Credit (HELOC) is a better option.
- The bank can force the homeowner to sell or foreclose at any time.
- The homeowner cannot get a reverse mortgage if they have an existing mortgage.
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