If you are a senior homeowner, a reverse mortgage can help you pad your finances with a supplement to your income that you can use however you see fit.

What holds back some seniors from taking out reverse mortgages who would benefit from them? The answer is that they may believe certain damaging myths about reverse mortgages. Below, we go over some of the most common myths about reverse mortgages, as well as corrections to those misconceptions.

1. Myth: “I will not be able to stay in my home.”
   • Fact: You can stay in your home with a reverse mortgage for as long as you want. You just need to retain it as your primary residence and stay up to date on all home maintenance payments.
2. Myth: “My heirs will have to repay the loan.”
   • Fact: A reverse mortgage is a non-recourse loan, which means that your children will not inherit the debt. When the last borrower dies, your heirs will have the option of either selling the home and paying off the loan with the proceeds, or keeping it, and paying it off with their own funds. If the loan balance exceeds the amount your heirs receive through a sale of the property, they will not be responsible for paying the difference.
3. Myth: “The government will own my home.”
   • Fact: That is not correct. You remain the owner of the home and keep your title. You can even sell the house later down the line if you wish.
4. Myth: “I need 100% equity to qualify.”
   • Fact: While you do need significant equity in your home to qualify for a reverse mortgage, you do not need 100% equity.
5. Myth: “If I die, my younger spouse will owe the reverse mortgage balance immediately.”
   • Fact: If the reverse mortgage borrower dies, payment on the reverse mortgage can be deferred for the younger, non-borrowing spouse. To keep the loan from coming due, the non-borrowing spouse must continue to maintain the house as was required while the reverse mortgage borrower was alive. If the younger spouse lapses on maintenance payments, however, the reverse mortgage can come due.
6. Myth: “My credit score needs to be perfect to qualify.”
   • Fact: You do not require a perfect credit score to qualify for a reverse mortgage.
7. Myth: “A reverse mortgage is a last resort.”
   • Fact: A reverse mortgage is not a last resort; it is a flexible financial product that can be an excellent fit for homeowners with a wide range of financial scenarios.

Florida Reverse mortgages offer fantastic benefits:

• You can boost your liquid assets.
• Funds from a reverse mortgage can be spent or saved however you choose.
• You get to stay in the home.
• The loan will not come due until a maturity event, such as the sale of the home or the death of the last borrower.
• You get to stress less and enjoy your retirement more.

Apply for a Reverse Mortgage in Florida

If you have questions about reverse mortgages, we can answer them in detail and tell you all about how this type of loan works during your consultation. To begin, please give us a call at 239-214-7011. We can help you apply for a reverse mortgage anywhere in Florida.