Showing posts from 2020
Reverse Mortgage - Facts Vs Myths Many misconceptions abound about the Reverse Mortgage. When clients are educated, Reverse Mortgages may be the ideal solution for there financial needs. Myth : The bank owns the home Fact: The homeowner always maintains title ownership and control of their home, and they have the freedom to decide when and if they’d like to move or sell. Myth : Those with a reverse mortgage will owe more than their house is worth Fact : HomeEquity Bank’s conservative lending practices allow clients to take a maximum of 55% of the home’s appraised value. In fact, 99% of HomeEquity Bank’s clients have equity remaining in the home when the loan is repaid. Myth : Reverse mortgages are too  expensive because the rates are high Fact : HomeEquity Bank rates are modestly higher than regular mortgages because there are no payments required. Myth: A reverse mortgage is a solution of last resort Fact : Many financial professionals recommend a reverse mortgage because i