There is so much misinformation floating around about reverse mortgages. I wanted to learn the true facts, so I reached out to a trusted source, Ken Sawan with Benchmark Mortgage. He is a Certified Reverse Mortgage Specialist.
A reverse mortgage is a great option if you want to live out your retirement years in your home but also have some financial concerns. It’s not for everyone. You really have to explain your situation to a professional to see if you are a good candidate for a reverse mortgage. Ken has been in the business for 34 years so he has really seen it all from A to Z.
A few general questions:
Is the bank going to own my home when I get a reverse mortgage?
No, you will still own your home.
Do I have to make monthly payments towards a reverse mortgage?
No, you do not have to make any monthly payments towards the mortgage unless you want to.
Do I qualify for a reverse mortgage?
It’s easier to qualify for a reverse mortgage than a regular mortgage, but there are age requirements.
Does the bank get my house after I pass away?
The bank does not get the house when you pass away, your estate will get it. Then the reverse mortgage will be paid back. Any additional funds will go back into your estate.
If you want to hear more about the good, the bad and the ugly, check out the full interview on YouTube.