Reverse mortgages are complex financial products. As a result, they are often easily misunderstood by consumers and those who only believe hearsay of what they’ve heard about reverse mortgages, most of which can be far from truth.
Addressing some of the most common reverse mortgage misconceptions, the Huffington Post recently published an article featured in NowItCounts.com, a media source for Americans age 50 and older covering topics including news, finance, health, travel, entertainment and more.
The article, which aims to “set the record straight” for reverse mortgages, addresses misunderstandings including “the lender owns my home now;” “you can’t get a reverse mortgage if you have a mortgage;” “if you are not low income, you do not qualify;” among other misperceptions.
Per the question regarding a borrower not qualifying because they have low income, the article claims “there are no income or credit requirements on reverse mortgages,” however, it does not detail the residual income requirements mandated by the Financial Assessment.
“It’s always helpful to conduct proper due diligence before making your decision,” writes NowItCounts.com contributor Michael Lazar. “Speak to your financial advisor first to learn the truth about these home loans.”
Read the article at the Huffington Post.
Written by Jason Oliva