True or False (episode #2)

And now for the next exciting installment of Reverse Mortgage Myths!!

Failure to make payments can result in eviction

False. This is one of the most common myths when it comes to reverse mortgages. Your Reverse Mortgage does not require any monthly payments, meaning you can’t miss payments in the first place! 😉

Reverse Mortgages are Expensive

False. Much like a conventional mortgage, an appraisal of your property, independent legal advice and a one-off closing cost is required for a reverse mortgage and will be similar to the costs you would incur on a regular payment mortgage. Beyond that, the only additional fee is an administration fee.

When compared to the cost of moving to another home, the reverse mortgage is a much more affordable option.