5 Common Myths about Reverse mortgages
Mortgage Broker in Winnipeg, Manitoba
There is no obligation to proceed with the reverse mortgage but you owe it to yourself to learn the facts so call Laurie, trusted mortgage broker in Winnipeg, MB today.
Employment pensions are disappearing and government pension payments are small. Reverse mortgages offer an affordable solution for seniors who want to spend their retirement in the comfort of their own homes and not have to worry about not having enough money to pay the monthly bills. Reverse mortgages can also be set up to provide a monthly pension supplement.
Laurie will come to your house and explain how it all works. This is so much better than dealing with a stranger over the phone. There is no obligation to proceed with the reverse mortgage but you owe it to yourself to learn the facts so call Laurie today.
I will no longer own my home
This is 100% NOT TRUE. You (and your spouse) will forever be the only ones on the title to your home. The bank will not own your house. They will register a mortgage lien against the title just like a regular mortgage with any bank. You will always own your home. Only you can decide if you want to sell it. You can stay in it forever and no one will ever force you to sell it.
The next most common myth is that you will lose all your equity in your home.
Untrue! You will be provided with a schedule showing you how the equity in your home is expected to grow over time. Your equity in your house will continue to increase. If you chose to sell it at some point the equity is yours to keep. The amount of remaining equity depends on how old you were when you obtained the mortgage and how long you’ve had the loan when you leave the home.
When I die, my children won’t get the equity in my house.
This is not so. Your estate will benefit from all the equity in the house after the mortgage is paid off. This is the same with any regular bank mortgage.
My spouse will be left with a big mortgage to pay off after I die.
Not true, nothing changes if your spouse outlives you. The mortgage does not need to be paid off until your spouse decides to sell or passes on.
It is costly to set up this mortgage.
Set up fees include a property appraisal, legal and admin fees. Approximately $300 for the appraisal. The remaining fees come out of the mortgage. This is no different than a regular mortgage. Except there are NO payments ever!