Reverse Mortgage Myths

Looking for a Reverse Mortgage lender in SC?  Call me at 843-771-3677 or 843-818-7676.
I serve all areas of South Carolina and will gladly travel to meet with you in person if you decide  to proceed.

Reverse Mortgage Myths
Myth #1-The lender will own my home if I take out a Reverse Mortgage. 
False- You remain the homeowner and stay on title after a reverse mortgage. As the homeowner you will continue to be responsible for paying the property taxes and homeowners insurance, maintaining the house and living there as your primary residence. 

Myth #2-My Medicare and Social Security benefits will be affected.
False- Medicare and Social Security standard benefits should not be affected. SSI and Medicaid recipients should consult with the responsible government agency to see how a reverse mortgage might affect those benefits. 

Myth #3-I will have to pay taxes on the money I receive. 
False- The funds from a reverse mortgage are considered as loan proceeds and not taxable income. (Please consult your tax advisor) 

Myth #4-The lender could force me to leave my home. 
False- As long as you continue to own and occupy the home as your primary residence, pay the property taxes and homeowners insurance, and maintain the home.

Myth #5-My children will have to repay the reverse mortgage loan.
False-A reverse mortgage is a non-recourse loan. You can never owe more than the value of the home and your heirs will not be responsible for the debt. They will have the right to pay off the loan and keep the home or sell it and keep the profit or they could walk away and owe nothing. 

Myth #6-I currently have a mortgage so getting a reverse mortgage is impossible
It depends-On how much equity you have. One of the reasons many homeowners seek a reverse mortgage is to eliminate a monthly mortgage payment and free up cash flow. 

Myth #7-Only poor people seek a reverse mortgage.
False- A reverse mortgage is designed for anyone seeking to make the most of their retirement. Many affluent seniors are getting reverse mortgages as part of their financial planning to enhance their quality of life.