Reverse Mortgage Basics: Title on Home
Do I own my home with a reverse mortgage? It's perhaps still the biggest misconception surrounding a reverse mortgage to this day. Many believe the bank or lender will become the owner of the property and the homeowner simply becomes a tenant of their own home. Unfortunately, this misconception has discouraged many people from looking any further into a reverse mortgage for fear of losing their property rights. Let's make it clear right here, right now: A Reverse Mortgage Does NOT Take Away The Title Rights Of A Homeowner.
A reverse mortgage is just a lien against the property and shows up on the title records as such. The borrower(s) who obtains the reverse mortgage is the same individual(s) who will hold the title of the property either in their individual names or a living trust. Also, the homeowner has the absolute right to pay off their reverse mortgage or sell their home at any point in time without any restrictions, penalties or without requiring to get permission from the reverse mortgage lender. In other words, it's just a mortgage and you are still the owner and controller of your home.
Check back for more reverse mortgage basics topics.
A reverse mortgage is just a lien against the property and shows up on the title records as such. The borrower(s) who obtains the reverse mortgage is the same individual(s) who will hold the title of the property either in their individual names or a living trust. Also, the homeowner has the absolute right to pay off their reverse mortgage or sell their home at any point in time without any restrictions, penalties or without requiring to get permission from the reverse mortgage lender. In other words, it's just a mortgage and you are still the owner and controller of your home.
Check back for more reverse mortgage basics topics.
For more information on reverse mortgages and other related topics contact:
Certified Reverse Mortgage Professional (CRMP)
NMLS# 473353
Toll Free (877) 500-0454
Local (702) 460-6222
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