Most people have preconceived notions about reverse mortgages. There are many misconceptions of reverse mortgage reality.
Here are some facts to ease your fear from reverse mortgage reality:
* A reverse mortgage is a mortgage just like any loan against the home but it has special terms for seniors 62 and older.
* The lender or bank does NOT own the home – YOU OWN THE HOME, you keep the title!
* There are no income or credit score requirements to qualify.
* No monthly payments required.
* There is no limitation on how the funds can be used.
* More options – Funds can be received in monthly payments structured as needed, line of credit (with…