We Work With Your Entire Family

A Family Decision

Many of our clients want to include their loved ones in their decision to get a reverse mortgage. Other times, it’s the children who research the loan and suggest it to their parents. We encourage loved ones to be involved in this decision so they can understand the loan program and the process, along with their parents. At the request of the client, we include loved ones on phone calls with the client and their licensed specialist. Family members have the ability to hear how the reverse mortgage works, ask questions and understand the entire process.

Tips for Including Loved Ones

If you want your children or others to be involved, here are a few tips to include them:

  1. Educate yourself on the qualifications, benefits and process so you have some basic understanding of the program.
  2. Have educational materials, including our website, free guide and DVD handy to share.
  3. Be open to speaking about your finances and how the program could benefit you.
  4. Invite your family members to participate in a phone call with your licensed specialist.
  5. Be prepared to share the facts about the program (vs. the myths).

The Most Common Myths and the Facts:

Myth: The lender will own the home.

Fact: This is absolutely not true! The homeowner remains on the title and continues to own THEIR home. Please remember you are still responsible for property taxes, homeowner’s insurance, and maintaining the property.

Myth: Reverse mortgage borrowers owe more than their home is worth.

Fact: All of our products are non-recourse loans, which means the borrower will never owe more than the home is worth.

Myth: The children of the borrower will be responsible for the repayment of the loan.

Fact: HECM and our own HELO loans are non-recourse reverse mortgages. If the family or heirs wish to keep the home, and the loan balance is more than the home is worth, they would only have to pay 95% of the appraised value of the home. If the balance is LESS than the home is worth, they would pay off the loan in full and keep any remaining funds from the sale of the home.