Reverse Mortgage Facts and Myths

Dispelling Myths and Misconceptions
Mention a “reverse mortgage” and many people conjure up desperate images of the sheriff on the doorstep with a foreclosure notice. Nothing could be further from the truth. In fact, reverse mortgages serve the needs of a wide array of seniors, not only those who are cash strapped and on the verge of being forced to sell their homes. Instead, these programs may prove to be one of the most valuable financial resources available to a growing number of seniors who have established significant equity in their homes.

Facts and Figures
The volume of reverse mortgages today is miniscule compared to traditional (forward) mortgages, but their popularity is gaining rapidly as more seniors become aware of their unique terms and capabilities. According to the Mortgage Bankers Association, reverse mortgage volume has increased an average of 238% per year