Reverse Mortgage Myths and Facts
š§ Reverse Mortgage Myths vs. Facts
| ā Myth | ā Fact |
|---|---|
| The bank takes ownership of my home. | You remain the owner. The reverse mortgage is a loan secured by your homeājust like a traditional mortgage. You keep the title as long as you meet the loan terms. |
| Iāll have nothing left to leave my heirs. | Your heirs can still inherit your home. After the loan is repaid, any remaining equity belongs to your heirs. |
| I can lose my home with a reverse mortgage. | As long as you live in the home, pay property taxes, insurance, and any applicable HOA dues, and maintain the home, you cannot be forced to leave. |
| Reverse mortgages are only for people who are desperate for money. | Many financially stable homeowners use reverse mortgages as part of a smart retirement planāto supplement income, delay Social Security, or increase liquidity. |
| Iāll be stuck with a reverse mortgage forever. | You can repay the loan at any time with no penalty. You also have the option to sell the home whenever you choose. |
This was the best thing I ever did. Dealing with Todd Woodcock was wonderful; he walked me through it and gave me lots of information. Questions were answered anytime with no pressure. I contacted my Financial Advisor and with counsellors they help you to know if it's right for you. And that you understand it all. Now, no more worries about taxes and insurance.
I HIGHLY RECOMEND TODD WOODCOCK. HAVE PEACE OF MIND NOW!
I HIGHLY RECOMEND TODD WOODCOCK. HAVE PEACE OF MIND NOW!
Todd was professional, communicative, and an expert in this field. He did an amazing job and made the reverse mortgage process a pleasurable experience.
Todd went above and beyond to assistant my parents with their reverse mortgage. He was patient and explained the process from beginning to end. I'd recommend Todd to anyone exploring the possibility of a reverse mortgage. Definite 5 star experience.
If you are considering a reverse mortgage, then look no further than Todd Woodcock, certified reverse mortgage professional! He is extremely knowledgeable, explains everything carefully and thoroughly, is very prompt with responses and answers all your questions! He makes his clients his #1 priority! I recommend him highly. In fact, I run a lifelong learning center in Florida, and I am bringing him to my school to give a workshop on reverse mortgages.