Why is there so much anxiety and so many concerns voiced about reverse mortgages from friends, relatives, and the media?
It is very simple. In the beginning before HUD and FHA were involved in the program, some private reverse mortgages had fraud problems that hurt some retirees. The program is better and now heavily regulated, making it much easier to understand than years ago, but some of those old stories are still circulating. People have always been afraid of the dark because there is uncertainty of what is there. You need to turn on the light when there is darkness to find out whether there are dangers or not. When you turn on the light, you will find a very different product — quite unlike the rumors and misunderstandings promoted by the news media and simple gossip. Some of the people that pass on negative things about reverse mortgages are not mean spirited or purposely lying — they are simply misinformed, and it is our job to give you the best education available with the most up-to-date facts so you can make a clear and unemotional decision. Our Loan Officers are very experienced and well trained in a variety of senior, real estate, and retirement issues so you can feel much more secure about making a decision with one of your most valuable assets — your home. Here is a quick rundown of the top myths we encounter.