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Reverse Mortgage Myths.
Опубликовано: 1 авг. 2012 г.
There are many misconceptions about Reverse Mortgages that Randy Davis, Assistant Vice President of Dollar Bank Residential Lending and a Certified Reverse Mortgage Professional, addresses and provides facts to these myths.
Hi, I’m Mangino with Randy Davis, assistant vice president of Dollar Bank Residential Lending. And we’re here to talk about some of the myths when it comes to reverse mortgages. So Randy, what are those myths?
I’m glad you asked that one, because a lot of times when I’m working with my customers they’ll talk to their neighbor or relative, and they really scare them off of reverse mortages by telling them the bank will take your house away, they’ll throw you out of the house, and they just go on and on and on and get my customers all in a tizzy. But really, these myths and misconceptions aren’t true. They’re totally unfounded. But unfortunately they do come from the older versions of reverse mortgages.
What you have to remember is that the first one was done in 1961, and the government didn’t insure them until 1989. So between all those years you have products out there that have provisions where the bank would share in the appreciation on the house, which isn’t good for the customer, they really could throw them out of the house after they ran out of their money.
But with today’s reverse mortgages, government insurance, they’ve been safe since 1989 on. As a matter of fact there have been over 750,000 of these done in the United States and the bulk of them, over half a million, have been done in the last five years.
The lender gets your home is probably the biggest myth. The lender does not own your home. It’s just a regular mortgage, so your estate would inherit your home eventually. You won’t qualify because of poor credit is another one. Reverse mortgages are not based on credit and income, it’s based on house value, how old you are, and the current programs and interest rates.
We hear HUD’s going to come out, FHA’s going to come out with a financial assessment soon, for everybody to take a look at the industry’s going to have to use to make sure that the borrowers can maintain their taxes and insurance. That’s a good thing as far as we’re concerned. Because we do that now to make sure that they’re going to be able to pay their taxes and insurance when we put them into reverse mortgages.
Only desperate people get reverse mortgages is another one. That used to be a thing of the past but now, with the costs coming down so low, with the introduction of the HECM saver, costs are so low and these financial planners are recommending these now, they didn’t used to because the costs were too high. But now the costs are so low they’re really recommending the use of reverse mortgage.
Thank you, Randy. For more information contact a Dollar Bank reverse mortgage expert at 1-800-344-LOAN or visit DollarBank.com.
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