Reverse Mortgage MythsWe lose title to our home. A Reverse Mortgage is not safe. Reverse Mortgage lenders charge excessive referral fees and back end fees. We need good income and credit to qualify. Our heirs will be saddled with debt. Reverse Mortgages are only for borrowers with limited income.
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Mr. & Mrs. Kerns of Whitehall, Pennsylvania How it works: Home value: $118,000, Qualified for lump sum of $70,655 or monthly income for life of $454. They combined reduced lump sum of $30,000 with reduced monthly income of $254. Mrs. Kerns: “We’re thrilled. We tell everyone about it. It’s completely changed our lives.”The homeowner retains title to the property and can choose to sell the home at anytime. |