Reverse Mortgage – Myths and Facts

Separating the MYTHS and the FACTS. Learn the truth about reverse mortgages.

MYTH
The bank will own the home.
FACT
With a reverse mortgage, the homeowner retains title and maintains ownership of the home.

MYTH
The homeowner will owe more than the house is worth.
FACT
Over 99% of homeowners have money left over when their loan is repaid.

MYTH
Homeowners have to make monthly mortgage payments.
FACT
A reverse mortgage requires no monthly mortgage payments, as long as the homeowner is living in the home.

MYTH
A reverse mortgage has many expensive fees.
FACT
There are one time fees to arrange a reverse mortgage, these fees are paid for with the funding dollars.

MYTH
I am not eligible because I have an existing mortgage.
FACT
The reverse mortgage will first pay off your existing conventional mortgage along with any other secured debt.

Even though reverse mortgages have been in Canada since 1986, there is still a lot of misunderstanding. Contact me for more information. Let’s talk reverse mortgages 😉