Myths Debunked With Facts About Reverse Mortgages.

Author

Aslan Home Lending Corporation - Dana Dziagwa

Posted on

Jun 23, 2021

Book/Edition

Colorado - Western Slope

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Myth: A reverse mortgage is like a home equity loan.
FACT: A home equity loan requires monthly payments. A reverse mortgage loan does not require payments. You must remain current on property taxes, homeowners insurance and HOA dues.

Myth: I could get forced out of my home.
FACT: FHA/HUD reverse mortgages specifically state that you cannot be forced out of your home. This loan requires; the home be your primary residence, keep up the maintenance/repair of your home, pay your property taxes and homeowners insurance when due along with HOA dues.

Myth: The bank will assume ownership of my home if I get a reverse mortgage.
Fact: You retain title to the property. The reverse mortgage lender is providing a loan to you. You are responsible to pay property taxes, insurance, HOA dues and home maintenance.

Myth: A reverse mortgage loan requires monthly payments.
Fact: No payments are required on a reverse mortgage. However, you must remain current on property taxes, homeowners insurance and HOA dues and maintain the home.

Myth: I cannot obtain a reverse mortgage if I have an existing first or second mortgage.
Fact: If you have a mortgage, home equity line of credit/loan, or a tax lien, you still may qualify for a reverse mortgage. The proceeds obtained from a reverse mortgage pay off such debts. Many owners specifically obtain a reverse mortgage to eliminate their existing loans and payments.

Myth: My heirs will not inherit my home.

Fact: If you pass away, the heirs either pay the balance due and keep the home or they sell the home and use the proceeds to pay off the loan. Any remaining equity after the loan is paid is theirs.

Myth: Medicare and Social Security will be affected by a reverse mortgage.
Fact: Reverse Mortgage loan proceeds or payments received are not considered income and do not affect Medicare or Social Security. Please note, a reverse mortgage may affect eligibility for other programs such as Medicaid. You need to consult a representative of Medicaid or an attorney to determine your situation.

Editors Note: This article was submitted by Dana Dziagwa (jogwa). NMLS # 257303. She is a reverse mortgage broker and can be reached on her cell phone at 303-921-1238. or Email at danad@aslanhlc.com.

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        • vendor/laravel/framework/src/Illuminate/View/Engines/PhpEngine.php:58
        • vendor/livewire/livewire/src/Mechanisms/ExtendBlade/ExtendedCompilerEngine.php:22
        • vendor/laravel/framework/src/Illuminate/View/Engines/CompilerEngine.php:75
      • 659e7d0f884fc8752b30c0c9936a625e.php#54seniorsbb_db_dev2.26msselect * from `company` where `company`.`id` = '100176' and `company`.`id` is not null and `company`.`deleted_at` is null limit 1
        Bindings
        • 0: 100176
        Backtrace
        • var/www/html/sbb/shared/storage/framework/views/659e7d0f884fc8752b30c0c9936a625e.php:54
        • vendor/laravel/framework/src/Illuminate/Filesystem/Filesystem.php:124
        • vendor/laravel/framework/src/Illuminate/View/Engines/PhpEngine.php:58
        • vendor/livewire/livewire/src/Mechanisms/ExtendBlade/ExtendedCompilerEngine.php:22
        • vendor/laravel/framework/src/Illuminate/View/Engines/CompilerEngine.php:75
      • 659e7d0f884fc8752b30c0c9936a625e.php#66seniorsbb_db_dev1.96msselect `books`.*, `bookeditionmapping`.`recordId` as `pivot_recordId`, `bookeditionmapping`.`bookId` as `pivot_bookId` from `books` inner join `bookeditionmapping` on `books`.`id` = `bookeditionmapping`.`bookId` where `bookeditionmapping`.`recordId` = 6546 and `bookeditionmapping`.`type` = 'article'
        Bindings
        • 0: 6546
        • 1: article
        Backtrace
        • var/www/html/sbb/shared/storage/framework/views/659e7d0f884fc8752b30c0c9936a625e.php:66
        • vendor/laravel/framework/src/Illuminate/Filesystem/Filesystem.php:124
        • vendor/laravel/framework/src/Illuminate/View/Engines/PhpEngine.php:58
        • vendor/livewire/livewire/src/Mechanisms/ExtendBlade/ExtendedCompilerEngine.php:22
        • vendor/laravel/framework/src/Illuminate/View/Engines/CompilerEngine.php:75
      • 659e7d0f884fc8752b30c0c9936a625e.php#70seniorsbb_db_dev2.26msselect `books`.*, `bookeditionmapping`.`recordId` as `pivot_recordId`, `bookeditionmapping`.`bookId` as `pivot_bookId` from `books` inner join `bookeditionmapping` on `books`.`id` = `bookeditionmapping`.`bookId` where `bookeditionmapping`.`recordId` = 6546 and `bookeditionmapping`.`type` = 'article'
        Bindings
        • 0: 6546
        • 1: article
        Backtrace
        • var/www/html/sbb/shared/storage/framework/views/659e7d0f884fc8752b30c0c9936a625e.php:70
        • vendor/laravel/framework/src/Illuminate/Filesystem/Filesystem.php:124
        • vendor/laravel/framework/src/Illuminate/View/Engines/PhpEngine.php:58
        • vendor/livewire/livewire/src/Mechanisms/ExtendBlade/ExtendedCompilerEngine.php:22
        • vendor/laravel/framework/src/Illuminate/View/Engines/CompilerEngine.php:75
      • 659e7d0f884fc8752b30c0c9936a625e.php#85seniorsbb_db_dev2.6msselect * from `listingcontacts` where `listingcontacts`.`listingId` = 6546 and `listingcontacts`.`listingId` is not null and `type` = 'article' and `primary` = 1 limit 1
        Bindings
        • 0: 6546
        • 1: article
        • 2: 1
        Backtrace
        • var/www/html/sbb/shared/storage/framework/views/659e7d0f884fc8752b30c0c9936a625e.php:85
        • vendor/laravel/framework/src/Illuminate/Filesystem/Filesystem.php:124
        • vendor/laravel/framework/src/Illuminate/View/Engines/PhpEngine.php:58
        • vendor/livewire/livewire/src/Mechanisms/ExtendBlade/ExtendedCompilerEngine.php:22
        • vendor/laravel/framework/src/Illuminate/View/Engines/CompilerEngine.php:75
      • 659e7d0f884fc8752b30c0c9936a625e.php#299seniorsbb_db_dev3.63msselect * from `listingattachment` where `listingattachment`.`listingId` = 14323 and `listingattachment`.`listingId` is not null and `type` = 'article' and `primary` = 1 limit 1
        Bindings
        • 0: 14323
        • 1: article
        • 2: 1
        Backtrace
        • var/www/html/sbb/shared/storage/framework/views/659e7d0f884fc8752b30c0c9936a625e.php:299
        • vendor/laravel/framework/src/Illuminate/Filesystem/Filesystem.php:124
        • vendor/laravel/framework/src/Illuminate/View/Engines/PhpEngine.php:58
        • vendor/livewire/livewire/src/Mechanisms/ExtendBlade/ExtendedCompilerEngine.php:22
        • vendor/laravel/framework/src/Illuminate/View/Engines/CompilerEngine.php:75
      • 659e7d0f884fc8752b30c0c9936a625e.php#299seniorsbb_db_dev2.27msselect * from `listingattachment` where `listingattachment`.`listingId` = 13618 and `listingattachment`.`listingId` is not null and `type` = 'article' and `primary` = 1 limit 1
        Bindings
        • 0: 13618
        • 1: article
        • 2: 1
        Backtrace
        • var/www/html/sbb/shared/storage/framework/views/659e7d0f884fc8752b30c0c9936a625e.php:299
        • vendor/laravel/framework/src/Illuminate/Filesystem/Filesystem.php:124
        • vendor/laravel/framework/src/Illuminate/View/Engines/PhpEngine.php:58
        • vendor/livewire/livewire/src/Mechanisms/ExtendBlade/ExtendedCompilerEngine.php:22
        • vendor/laravel/framework/src/Illuminate/View/Engines/CompilerEngine.php:75
      • 659e7d0f884fc8752b30c0c9936a625e.php#299seniorsbb_db_dev3.52msselect * from `listingattachment` where `listingattachment`.`listingId` = 12924 and `listingattachment`.`listingId` is not null and `type` = 'article' and `primary` = 1 limit 1
        Bindings
        • 0: 12924
        • 1: article
        • 2: 1
        Backtrace
        • var/www/html/sbb/shared/storage/framework/views/659e7d0f884fc8752b30c0c9936a625e.php:299
        • vendor/laravel/framework/src/Illuminate/Filesystem/Filesystem.php:124
        • vendor/laravel/framework/src/Illuminate/View/Engines/PhpEngine.php:58
        • vendor/livewire/livewire/src/Mechanisms/ExtendBlade/ExtendedCompilerEngine.php:22
        • vendor/laravel/framework/src/Illuminate/View/Engines/CompilerEngine.php:75
      • 12962259a3d8422fae7e4d0bec492fa7.php#2seniorsbb_db_dev9.31msselect * from `articles` where `articles`.`deleted_at` is null order by `id` desc limit 3
        Backtrace
        • var/www/html/sbb/shared/storage/framework/views/12962259a3d8422fae7e4d0bec492fa7.php:2
        • vendor/laravel/framework/src/Illuminate/Filesystem/Filesystem.php:124
        • vendor/laravel/framework/src/Illuminate/View/Engines/PhpEngine.php:58
        • vendor/livewire/livewire/src/Mechanisms/ExtendBlade/ExtendedCompilerEngine.php:22
        • vendor/laravel/framework/src/Illuminate/View/Engines/CompilerEngine.php:75
      App\Models\Article
      7Article.php#?
      App\Models\ListingAttachments
      4ListingAttachments.php#?
      App\Models\ArticleCategory
      2ArticleCategory.php#?
      App\Models\Company
      2Company.php#?
      App\Models\Books
      2Books.php#?
      App\Models\Category
      1Category.php#?
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          #12025-03-08 14:07:01GET/articles/myths-debunked-with-facts-about-reverse-mortgages41918