Hopkins Gibson (reversemortgagesanfrancisco)

<iframe width="560" height="315" src="; frameborder="0" allow="autoplay; encrypted-media" allowfullscreen></iframe> Myth number1: "A reverse mortgage will be exactly the same as a home equity mortgage." They are different. You want to get payments on a house equity loan, you really do not on a reverse mortgage. You want to meet with charge and with income qualifications for a home equity loan. You really do not on a mortgage. Myth number4: "There will not be anything left behind my heirs." <a href=";>reverse mortgage lenders san francisco</a> could actually be a truth, however it is all dependent upon the mortgage balance (including interest) during the time your heirs actually sell the home. The difference will likely go to you/your heirs if the mortgage balance is less than the purchase proceeds. On the other hand, in the event the purchase proceeds are exceeded by the mortgage balance in truth, nothing is going to be left for the heirs. Using a reverse mortgage, however, neither you nor your heirs could cause any deficit. The explanations for this could possibly be found in different articles detailing the specific capabilities of reverse mortgages. Myth number2: "The lending institution will become the owner of my home when I find a reverse mortgage" No, the reality may be the lending company is only putting a loan in your house, exactly like a regular mortgage. The difference is that you do not need to create payments along with the interest will probably simply be added to the regular monthly balance. The loan will not become due before your heirs personally or you sell the house at a certain time. As you do last to have your home, you need to continue to pay all real estate insurance, taxes and maintenance. Myth #3: "I could have pushed out of my residence." No, this isn't true. As long as you continue to live in your home as your main residence, cover insurance and taxes, and take care of the property you cannot be driven out of your home. Discover How to get the best Reverse MortgageWant more advice about Reverse Mortgages? These are four of their urban myths about reverse mortgages. You'll find, of course, many others plus it is recommended that you do significant research that is additional if considering a mortgage as a portion of your retirement planning. There are various myths about mortgages and quite usually the facts is different. Reverse mortgage information must be accessed before applying for a mortgage and here are some of the myths which you may possibly hear, with all the off setting truths of eachand every