Carlsbad, CA (PRWEB) February 2, 2008
My Reverse Mortgage Pro, an online service that provides information and assistance with mortgages for senior citizens, has some new information for their site visitors. The reverse mortgage specialists have put together a comprehensive guide that helps them deflate some common misconceptions that senior homeowners and their family members have.
The reverse mortgage guide has proven helpful for responding to these common misconceptions that people have regarding these new loans for senior citizens:
- After taking out the loan, the bank owns the house
- Family members will feel as though their inheritance is being taken away
- Homeowners with bad credit can't get a reverse mortgage
- Homeowners have to sell the house after paying back the reverse mortgage
- Reverse mortgage borrowers can't will the property to their heirs.
The fact is that when homeowners over the age of 62 take out one of these mortgages for senior citizens, the title deeds always stay with the homeowner. The house can also still be willed to family members; they can obtain a regular mortgage to finance paying back the reverse mortgage. And bad credit usually does not stop anyone from being eligible, unless they've completely defaulted on the loan.
A reverse mortgage loan must be paid back when the house in no longer the principal residence, but, it doesn't matter where the money to repay the original loan comes from. Once the loan is paid to the homeowner, they or their heirs can still get a traditional mortgage instead of having to sell the house. And since they still have the title deeds, homeowners can leave the house to whoever they like, and they have the option of repaying it back anyway they choose.
For more information, visit http://www.myreversemortgagepro.com and contact one of their specialists about the guide to reverse mortgage misconceptions.
About My Reverse Mortgage Pro:
My Reverse Mortgage Pro was born from the input of thousands of seniors who contacted their network of reverse mortgage loan experts daily with misconceptions about the reverse mortgage process. My Reverse Mortgage Pro is dedicated to providing reliable, accurate and easy to use information about reverse mortgage loans and the guidelines that apply to getting a reverse mortgage.
The Reverse Mortgage Pro Web site was built to provide eligible borrowers age 62 and older with the tools and expert advice to provide the piece of mind, knowing that a reverse mortgage loan is the best option for their specific needs. They do this by providing some basic reverse mortgage loan information, as well as access to a network of highly qualified reverse mortgage loan experts.
So far, they have helped thousands of older Americans get the reverse mortgage loan product that best fits their specific needs. With their help, homeowners age 62 and older can be the next borrowers to take advantage of a reverse mortgage loan.
Carlsbad, CA 92008
Reverse Mortgage Pro
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