I must have a good income and credit to qualify

This is false. A Reverse Mortgage has no income and credit

requirements. You will qualify based on your age (you must be at

least 62) and based on the equity in your home which must be your

primary residence.

To qualify my home must be free and clear.

No – not true. You may pay off a mortgage or equity loan with a

Reverse Mortgage. In fact many people get a Reverse Mortgage

to pay off their current mortgage in order to eliminate their

monthly mortgage payment.

The Bank owns my house.

False. The homeowner retains the title to the property and can

choose to sell the home at anytime. The homeowner retains all

future appreciation in the home.

The Reverse Mortgage requires that I make monthly

payments.

Not true. There are never any monthly payments. Payment of

taxes, insurance and general upkeep of the home are the only

responsibilities of the homeowner.

Only the “cash poor” or desperate senior citizens

can benefit from the Reverse Mortgage.

Even though some seniors may have a greater need than others

for the cash or monthly income, the Reverse Mortgage can be an

excellent financial or estate planning tool.