Let’s clear up some misconceptions about reverse mortgages

You never forfeit title to your home and you retain all rights as the homeowner.

As long as one borrower occupies the home, and property taxes and homeowners insurance are kept current, you cannot be required to leave or sell the home.

You can never be personally liable for more than the value of the home at the time of sale, and you cannot leave your heirs or estate personally liable for your mortgage debt.

Low interest rates, home appreciation, and how interest is assessed often result in substantial equity remaining untouched and available to pass on to your heirs.

Proceeds from a reverse mortgage are not taxable and do not affect your Social Security or Medicare benefits.

Reverse mortgages can be used to pay off mortgage balances on your current home, or used to purchase a home that might better suit your needs. In all cases you will eliminate all requirements to make monthly mortgage payments.

For More information on Reverse Mortgages.

Contact Fountainhead Financial at (435) 688-1000