There are many misconceptions and myths behind reverse mortgages. By speaking to a reverse mortgage expert you will not only clear your mind of these misconceptions, but you will be better informed about your future.
When talking with a reverse mortgage expert, you will be able to find out the truth behind the myths and misconceptions of reverse mortgages.
Misconception Number One:
Your current house should be free from debt in order for you to qualify as well as utilize a reverse mortgage. By taking the time to talk to a reverse mortgage expert, they will help you understand that this is actually a false statement. Even if you have a first mortgage or even some other type of debt on your home, you may still qualify in order to utilize the reverse mortgage. However, there is a stipulation that states that the proceeds that are gained from this reverse mortgage will be required to pay off any of these pre-existing debts.
Misconception Number Two:
There are many limitations on how the proceeds from the reverse mortgage can be used. Talking to a reverse mortgage expert will help you understand that this is, in fact, another statement that is also false. In fact, reverse mortgages do not actually have any limits on how these proceeds may be used. Sometimes a county or city government agency will have a limited reverse mortgage that is for explicit purposes, for example, constructing a ramp for wheelchair access.
Misconception Number Three:
Only those applicants with excellent credit, income and health qualify. By taking the time to talk to a reverse mortgage expert, they will help you understand that this again is another false statement. While in fact there are requirements that must be met such as income, expenses and credit, they do take into consideration many other reasons that may lead to credit problems.
These are just a few of the misconceptions behind reverse mortgages. You owe it to yourself to talk to a reverse mortgage expert and get the facts. Visit the website for more details.
