{"id":1797,"date":"2022-09-11T22:41:35","date_gmt":"2022-09-11T22:41:35","guid":{"rendered":"https:\/\/applyreverse.com\/?page_id=1797"},"modified":"2022-09-19T21:13:26","modified_gmt":"2022-09-19T21:13:26","slug":"reverse-mortgage-myths-2","status":"publish","type":"page","link":"https:\/\/applyreverse.com\/?page_id=1797","title":{"rendered":"Reverse Mortgage Myths"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"1797\" class=\"elementor elementor-1797\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7abee48 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7abee48\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9d42ab6\" data-id=\"9d42ab6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-78366b3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"78366b3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-f1f0982\" data-id=\"f1f0982\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-34e7ab7 elementor-widget elementor-widget-heading\" data-id=\"34e7ab7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.11.1 - 15-02-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">Reverse Mortgage Myths - Common Misconceptions<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-10d1e7a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"10d1e7a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-85ba7b4\" data-id=\"85ba7b4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-648fd5e elementor-widget elementor-widget-image\" data-id=\"648fd5e\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.11.1 - 15-02-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"2000\" height=\"1600\" src=\"https:\/\/applyreverse.com\/wp-content\/uploads\/2022\/09\/Couple-Smiling-with-paper.png\" class=\"attachment-full size-full wp-image-1812\" alt=\"\" srcset=\"https:\/\/applyreverse.com\/wp-content\/uploads\/2022\/09\/Couple-Smiling-with-paper.png 2000w, https:\/\/applyreverse.com\/wp-content\/uploads\/2022\/09\/Couple-Smiling-with-paper-300x240.png 300w, https:\/\/applyreverse.com\/wp-content\/uploads\/2022\/09\/Couple-Smiling-with-paper-1024x819.png 1024w, https:\/\/applyreverse.com\/wp-content\/uploads\/2022\/09\/Couple-Smiling-with-paper-768x614.png 768w, https:\/\/applyreverse.com\/wp-content\/uploads\/2022\/09\/Couple-Smiling-with-paper-1536x1229.png 1536w\" sizes=\"auto, (max-width: 2000px) 100vw, 2000px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-c4184a4\" data-id=\"c4184a4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-789e25b elementor-widget elementor-widget-text-editor\" data-id=\"789e25b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.11.1 - 15-02-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Over the years, there have been many misconceptions and an overall lack of understanding about what reverse mortgages are, and how you can use them.<\/p><p>At Executive Lening, we\u2019re committed to educating consumers about the many uses of this powerful financial tool. So we created this helpful Mythbusters section to help you separate fact from fiction.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-dfdb62c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"dfdb62c\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-0129394\" data-id=\"0129394\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1928f70 elementor-widget elementor-widget-text-editor\" data-id=\"1928f70\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><b>Someone told me that with a reverse mortgage, the bank takes your home.<\/b><\/p>\n<p><b>Is that true?<\/b><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-329fd1d elementor-widget elementor-widget-text-editor\" data-id=\"329fd1d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>That\u2019s a MYTH:<\/strong><br \/><strong>You own your home. Not the bank or lender.<\/strong><br \/>Lenders are not in the business of owning homes \u2014 they wish to make loans and earn interest. The homeowner keeps the title to the home in their name. What the lender does is add a lien onto the title so that the lender can guarantee that it will eventually get paid back the money it lends when the loan is paid off or when the last borrower dies or vacates the home.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-c89d683 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c89d683\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-683a572\" data-id=\"683a572\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1d09d32 elementor-widget elementor-widget-text-editor\" data-id=\"1d09d32\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>Will you be able to pass on the home to your kids?<\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-658e0b8 elementor-widget elementor-widget-text-editor\" data-id=\"658e0b8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>That\u2019s TRUE:<\/strong><\/p><p>Your heirs can inherit the home.<\/p><p>Your heirs inherit the house, just as they would with any other mortgage. When the loan comes due, they can decide what to do to repay the loan balance. They can:<\/p><ul><li>Arrange their own financing, pay off the loan, and keep the house for themselves<\/li><li>Sell the house and pay off the balance, keeping any extra funds<\/li><li>Or they can do nothing with the house and deed it to the lender<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-28c0451 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"28c0451\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-a0b9b3f\" data-id=\"a0b9b3f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bad5886 elementor-widget elementor-widget-text-editor\" data-id=\"bad5886\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>Can you be forced out of your home for not paying a reverse mortgage?<\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d734fe0 elementor-widget elementor-widget-text-editor\" data-id=\"d734fe0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>That\u2019s a MYTH:<\/strong><\/p><p><strong>It was designed to help people stay in their homes.<\/strong><\/p><p>Reverse mortgages were created specifically to allow seniors to live in their home for the rest of their lives. Because the homeowner typically receives payments from a reverse mortgage\u2014 instead of making payments to a lender\u2014the <b><u>homeowner can never be evicted or foreclosed upon for non-payment<\/u><\/b>. However, it is the homeowner\u2019s responsibility to maintain the home in good condition, keep property insurance current, and pay property taxes.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-67ef5f2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"67ef5f2\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-20c1036\" data-id=\"20c1036\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b062b9e elementor-widget elementor-widget-text-editor\" data-id=\"b062b9e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\"><strong>I heard you shouldn\u2019t get a reverse mortgage unless you\u2019re desperate.<\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e16bace elementor-widget elementor-widget-text-editor\" data-id=\"e16bace\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>That\u2019s a MYTH:<\/strong><\/p><p>A reverse mortgage is a powerful tool\u2014not a last resort.<br \/>A reverse mortgage is a powerful financial tool that can be an important part of your overall financial plan. From paying off an existing mortgage to delaying social security, or even creating an emergency line of credit, it\u2019s a flexible product that gives you options. In fact, with recent changes and the security of the U.S. Department of Housing and Urban Development\u2019s FHA insurance, many financial planners have begun to discuss reverse mortgages with clients who need additional sources of retirement income.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-fb5a2ae elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fb5a2ae\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-1e38f51\" data-id=\"1e38f51\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7f1d753 elementor-widget elementor-widget-text-editor\" data-id=\"7f1d753\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>Will you still be able to get your Social Security and Medicare?<\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-36a3c4a elementor-widget elementor-widget-text-editor\" data-id=\"36a3c4a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>That\u2019s TRUE: <\/strong><\/p><p><strong>Those benefits are generally unaffected by a reverse mortgage.<\/strong><\/p><p>Government entitlement programs such as Social Security and Medicare are not affected by a reverse mortgage\u2014however, need-based programs such as Medicaid may be. To stay eligible for Medicaid, you\u2019d need to manage how much you take from the reverse mortgage per month to ensure you don\u2019t exceed Medicaid limits. Consult a qualified financial advisor to learn how a reverse mortgage may impact your eligibility for some government benefits.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-2b2d9df elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2b2d9df\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-52298e8\" data-id=\"52298e8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fcfe510 elementor-widget elementor-widget-text-editor\" data-id=\"fcfe510\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>Are there a lot of upfront costs associated with a reverse mortgage?<\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-591ce1e elementor-widget elementor-widget-text-editor\" data-id=\"591ce1e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>That\u2019s a MYTH: they don\u2019t require large out-of-pocket expenses.<\/strong><\/p><p>Mortgage loan origination costs and interest rates are comparable to those of traditional mortgages. There are FHA insurance costs that some traditional mortgages don\u2019t require, but the insurance benefits are well worth the relatively small cost. Typically, lender closing costs and fees can be financed into the loan, so there\u2019s little required out of pocket.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-51167cf elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"51167cf\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-994c19a\" data-id=\"994c19a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2c1d5bc elementor-widget elementor-widget-text-editor\" data-id=\"2c1d5bc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>Will I have to pay taxes on the reverse mortgage?<\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7d1789 elementor-widget elementor-widget-text-editor\" data-id=\"b7d1789\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-734c7c0 elementor-widget elementor-widget-heading\" data-id=\"734c7c0\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><strong>That\u2019s a MYTH: the proceeds are not considered income, and are not taxable.<\/strong><\/div><\/div><div class=\"elementor-element elementor-element-db69ac6 elementor-widget elementor-widget-text-editor\" data-id=\"db69ac6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><p>The money from a reverse mortgage comes from your home\u2019s equity, which already belongs to you, so it\u2019s not considered income. Plus, the interest on a reverse mortgage can be tax-deductible when it\u2019s repaid. Consult your tax advisor for more information.<\/p><\/div><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-78d5d7b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"78d5d7b\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-d1eeef1\" data-id=\"d1eeef1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d80e007 elementor-widget elementor-widget-text-editor\" data-id=\"d80e007\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>More Reverse Mortgage Myths<\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6140867 elementor-widget elementor-widget-text-editor\" data-id=\"6140867\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-734c7c0 elementor-widget elementor-widget-heading\" data-id=\"734c7c0\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><p><b>MYTH #1:<\/b> Getting a mortgage means that I\u2019ll have to make monthly payments.<br \/>FACT: With a reverse mortgage, <strong>there are never any monthly payments<\/strong>. As the borrower, <span style=\"text-decoration: underline;\">you\u2019re only responsible for paying property taxes, insurance, and applicable HOA dues, and keeping the home in good repair<\/span> according to HUD guidelines.<\/p><p><b>MYTH #2:<\/b> My children will be responsible for repaying the loan.<br \/>FACT: A reverse mortgage is a \u201cnon-recourse\u201d loan\u2014which means the lender can only be repaid with proceeds from of the sale of the property. Even if the home value goes down, you or your estate can never owe more than the home is worth. And while your heirs won\u2019t be responsible for repaying the loan, they do have the option to do so if they want to buy it for themselves.<\/p><p><b>MYTH #3:<\/b> I can\u2019t get a reverse mortgage, because my current mortgage isn\u2019t paid off.<br \/>FACT: As long as you have enough equity in the home, you can have a mortgage or other debt on your home\u2019s title and still qualify. In that case, the proceeds from the reverse mortgage must first be used to pay off the existing mortgage or debt. In fact, many clients get a reverse mortgage specifically for this reason\u2014to get rid of monthly mortgage payments.<\/p><p><b>MYTH #4:<\/b> Reverse mortgage lenders really just want to sell your house.<br \/>FACT: You can stay in your home for as long as you want, as long as you meet the terms of the loan. If you decide to sell the home or move out, then the loan would then become due.<\/p><p><b>MYTH #5:<\/b> If I get a reverse mortgage, I\u2019ll have nothing to leave my kids.<br \/>FACT: It\u2019s possible that the value of your property may grow over your lifetime. At the same time, interest will accrue on the outstanding loan amount and be added to the balance. If there\u2019s equity left over after the loan is repaid (usually from the sale of the home), it may be available for you to leave to your kids*.<\/p><p><b>MYTH #6:<\/b> If I get a reverse mortgage, I can\u2019t sell my home.<br \/>FACT: A reverse mortgage is like any other loan; if you sell your home, that reverse mortgage will be paid off at closing. There are no penalties for paying off the loan or selling the home in advance.<\/p><p><b>MYTH #7:<\/b> If my lender or servicer changes, my loan terms can change.<br \/>FACT: The terms of the loan are defined at closing and by law cannot be changed, as long as the deeds remain in force.<\/p><\/div><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Reverse Mortgage Myths &#8211; Common Misconceptions Over the years, there have been many misconceptions and an overall lack of understanding about what reverse mortgages are, and how you can use them. At Executive Lening, we\u2019re committed to educating consumers about the many uses of this powerful financial tool. So we created this helpful Mythbusters section &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/applyreverse.com\/?page_id=1797\"> <span class=\"screen-reader-text\">Reverse Mortgage Myths<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"class_list":["post-1797","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/applyreverse.com\/index.php?rest_route=\/wp\/v2\/pages\/1797","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/applyreverse.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/applyreverse.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/applyreverse.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/applyreverse.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1797"}],"version-history":[{"count":55,"href":"https:\/\/applyreverse.com\/index.php?rest_route=\/wp\/v2\/pages\/1797\/revisions"}],"predecessor-version":[{"id":2283,"href":"https:\/\/applyreverse.com\/index.php?rest_route=\/wp\/v2\/pages\/1797\/revisions\/2283"}],"wp:attachment":[{"href":"https:\/\/applyreverse.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}