Senior Citizen's Guide to Cleveland 2013 Vol. 1 - page 16

14
Say You Saw It in the Senior Citizen’s Guide to Cleveland
mortgage to help you cover your expenses while you
wait for your retirement savings account to go back to
their pre-recession levels. You may use it to help you
through until home values recover and you can sell your
home for a higher price. A reverse mortgage, like social
security, medicare/Medicaid, IRs and 401-Ks, is an
option in a retirement toolbox—and different situations
require different tools.
When you take a reverse mortgage, the bank owns your
home.
No, you continue to own your home. And when
you pass on, your heirs own your home, though they
must then pay back the
reverse mortgage. If you
are in arrears on taxes
and insurance, you are in
default and, to keep your
home, you must work with
the lender to catch up on
your obligations.
Salesman insist a senior
use the loan proceeds to
purchase another financial
product as a condition
for obtaining a reverse
mortgage.
No, this is not legal.
Reverse mortgage lenders
aggressively push seniors
to take the proceeds in a
lump sum so they can earn
interest on a high loan
balance.
By law a loan originator
must present all options
that are available to you.
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