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Florida Reverse Mortgages |
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Myths and Misconceptions
MYTH: This is the loan where the bank lends you money and takes away your home when you die.
FACT: When you participate in the Reverse Mortgage program, you ALWAYS MAINTAIN OWNERSHIP. The money that you borrow is due only when you no longer live in the home. The federal government guarantees that you can never owe more than the market value of the home, even if the balance is greater. You or your heirs can never be forced to pay more than the value of the home.
MYTH: If I do a reverse mortgage, I cannot leave my home to my children when I die.
FACT: Since you always maintain ownership, you have the freedom to leave your home to anyone you choose. Your estate will be responsible for paying back the amount of money you borrowed up to the market value of the property. In most cases, your estate will sell the home, pay back the money borrowed and then divide the remaining funds among your heirs. The loan is designed to give seniors cash flow, not take away their homes.
MYTH: If I do a reverse loan, I cannot sell my home.
FACT: Since you always retain ownership, you can sell your home at anytime. If you choose to sell your home, you must pay off whatever money you borrowed. The balance of money from the sale after you have paid the reverse mortgage is entirely yours.
MYTH: The money I receive from the reverse mortgage will adversely affect my Social Security and pension. In addition, it may put me into a higher tax bracket forcing me to pay more taxes.
FACT: The money you receive from the reverse mortgage is TAX-FREE because it is considered a loan. As a result, it will not negatively affect your Social Security or pension.
MYTH: My spouse will be forced to pay back the money we borrowed if I die first.
FACT: The loan is due only when both original borrowers no longer live in the home.
MYTH: I cannot do a reverse mortgage because I already have a mortgage on my home.
FACT: Paying off a current mortgage is the first thing most clients do with the proceeds of the program. They want to free themselves from their mortgage burden and the reverse mortgage enables them to do so. By getting rid of your mortgage obligations, you can put all of that money back in your pocket each month.
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