Reverse Mortgage Misconceptions in Las Vegas, Nevada

Misconception #1

REVERSE MORTGAGES ARE ONLY FOR DESPERATE SENIORS, OR FOR THE “HOUSE RICH, CASH POOR.”

INCORRECT.

The reverse mortgage is an excellent financial planning tool that has been used by homeowners from all walks of life to enhance their retirement years. While some have needed the cash from a reverse mortgage more than others, the growing popularity of this product is evidence of its benefit in a wide array of financial circumstances.

Am I eligible for a reverse mortgage?

To qualify for a reverse mortgage, you must:

• Be at least 62 years old. In the case of a couple or co-owners, both must be 62 if their names appear on the title to the home.¹
• Be a homeowner with equity in your home. You may qualify even if you have an outstanding balance on your first mortgage. Single-family homes and qualified condominiums, townhouses, manufactured homes, and 1- to 4- family owner-occupied residences are eligible.

¹ If one spouse or co-owner is under 62, that person’s name must be removed from the title so that the other person can qualify for the reverse mortgage.