5 Reverse Mortgage Myths

So we're always trying to keep our eyes out for some great information to share.  And today I've found some!

Jeremy Jordan shared with us today 5 Myths About Reverse Mortgages.  So first, thanks to him and Atlantic Bay Mortgage for the information.  And now, here you go!

1. Reverse mortgages are only for desperate seniors:  Wrong!  It's an excellent financial planning tool used by savvy seniors of all kinds.
2. If you are looking to purchase a home you cannot use a reverse mortgage:  Wrong!  Many seniors get a reverse mortgage to buy a new home.  As long as they are 62 and older, are going to live in the home and have  good down payment, it may be a good option.  
3. You will have no estate to leave to your heirs:  Wrong!  Your heirs can even replace the reverse mortgage with a conventional one.
4. The lender can take your home:  Wrong!  You retain title and control.
5. Reverse mortgages are not for seniors with poor credit or low income: Wrong!  If you're a homeowner and at least 62, you qualify!

While, we aren't the experts when it comes to mortgages, this sounds like something some of you may want to look into, if not for yourself, but maybe for someone else!?

Call Jeremy Jordan, mortgage banker at Atlantic Bay Mortgage, if you have any questions!  757-874-6040 Ext:  323.