Conventional Mortgage vs Reverse Mortgage
- Good Credit
- Loan Must be Guaranteed
- Monthly Payments
- If the property value drops, you owe
- No Credit Record Needed
- No Personal Guarantees
- No Monthly Payments – EVER!
- If the property value drops, you DON’T pay!
10 Myths of the Reverse Mortgage
- The bank or the State ends up owning your home
- The home must be paid off or be debt-free to qualify
- When a reverse mortgage comes due, the bank sells your home
- It’s cheaper to sell your home and move to a smaller house
- You use up all your equity and won’t have anything to give your kids
- You or your heirs could end up owing more than the home is worth
- Reverse mortgage proceeds will impact Social Security and Medicare benefits
- There are restrictions on how you use your money
- Once the proceeds are received, taxes will need to be paid
- Reverse mortgages are only for seniors in need, or for the “house rich, cash poor”
Tim Shuey and Maritime Mortgage have been originating Residential and Commercial Mortgages for more than 30 years throughout California. Call us with your questions. We have knowledge to share! Or…
Fill out the form below so I can create a custom reverse mortgage package tailored to your situation.