Chris Bruser with Mutual of Omaha has such insight to what Reverse Mortgages can and can’t do.
There are so many misconceptions that people have regarding reverse mortgages, but this video shares 4 of the myths that people need to understand when considering a reverse mortgage.
1. Myth: You lose title to the property.
Truth: You never lose title to the property. The bank simply has a lien on the property, just like with a regular mortgage.
2. Myth: You still have to make a monthly payment.
Truth: You NEVER have to make a monthly payment. You can, but it is not required with a Home Equity Conversion Mortgage.
3. Myth: You will lose your home.
Truth: You are responsible for paying property taxes, homeowners insurance, HOA, and maintenance of the house, just as you would with a normal mortgage.
4. Myth: There will be nothing for me to leave for the kids.
Truth: This is an assumption and nothing could be further from the truth. Whatever equity is in the home can go to the heirs.
We appreciate Chris Bruser’s knowledge and experience with this topic and feel free to reach out to him if you would like to learn more. Chris Bruser with Mutual of Omaha (813) 857-4565.