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Many are afraid of a reverse mortgage because of rumors or misinformation that they have heard. This is a disgrace how this government funding can be secured the ideal solution for many seniors. Hopefully, by removing some of the false information that May you have heard, you can create a reverse mortgage as something that could help improve the quality of life.

A reverse mortgage is for the executives, over 62, lives in an apartment, or two-to four-unit building, or even FHA-approved condominium. There should be no or very little, mortgage on the home page. This type of loan is to unlock the equity in the houses seniors access to the funds that they virtually any manner such as to supplement pensions or social security, health care, where the grandchildren's college fees , holidays, etc.

Many know the benefits, but still fear for a reverse mortgage because of fears they will lose their homes and they are not eligible. Let us clear some of the most misunderstood things about these types of loans.

After recording of the loan, the bank actually owns my house

Not true. The title deeds always with the homeowner, the lender is no longer true to your home than the other. Even if the loan is due back (because it was sold, is no longer the residence or the borrower (s) have died) the lender has no right to possession of the property.

I am not a reverse mortgage, because I have bad credit history

Bad Credit History is hardly anyone of the award: It is extremely rare for someone to have a reverse mortgage is denied, because a bad credit history. Only if you default on money from the government may be a problem, but even then it will not necessarily do not. Remember that this type of loan, it does not matter on income or that you "pay them back, because you are not repaid, but the lender gives you money every month.

If I pay back the loan I have my house for sale

Absolutely not. The loan must be repaid when the house is no longer the principal residence, you sell, or you die, and it must again be a flat rate. But it does not matter where the money comes from. You or your heirs can sell the home, or your heirs will receive regular mortgage on it to repay the original loan back, or sale of shares or from wherever the money can be found.

I can not my property to my heirs

Why not? As you still have the title deeds, you can leave the house to who you want. It is true that the reverse mortgage will also be passed on to them, but they have the option to repay it back anyway.

My family feels as if I were taken away their inheritance

As already mentioned, the house is willed to them. Would you rather they lost their inheritance, because you have to sell your house, you pay for your medical expenses or help in the household, as you get older? With a reverse mortgage, you keep the house and pass it on to your heirs. After her death, they do not have to sell to pay back the loan, rather than the regular payment of mortgage to finance the reverse mortgage back.

Follow the links for more detailed information, reverse mortgage, reverse mortgage lenders and the different types of reverse mortgages available.