Misconception #3-Common Questions About Reverse Mortgages in North Hollywood, California
MISCONCEPTION #3
THE BANK OWNS THE HOME AFTER YOU GET A REVERSE MORTGAGE.
INCORRECT.
You own your home and retain title throughout the life of the reverse mortgage. Once you permanently move out of your home or pass it to your estate, the loan must be repaid.
Am I required to receive counseling before I get a reverse mortgage?
Yes. [...]
Common Questions And Misconceptions About Reverse Mortgages In North Hollywood, CA-Misconception #2
Misconception #2
YOUR HOME MUST DEBT-FREE TO QUALIFY FOR A REVERSE MORTGAGE.
INCORRECT.
Even seniors with an outstanding first mortgage or some other debt on heir home may qualify for a reverse mortgage. The proceeds of the reverse mortgage, though, must first be used to pay off such debts.
How much money can I get?
This depends on a [...]
Read more →Common Questions And Misconceptions About Reverse Mortgages In North Hollywood, California
Misconception #1
REVERSE MORTGAGES ARE ONLY FOR DESPERATE SENIORS, OR FOR THE “HOUSE RICH, CASH POOR.”
INCORRECT.
Welcome to the New Blog!
Welcome to our new business blog!
Your reverse mortgage professionals, Philip Lipp and Ilene Fischer are a husband/wife team in business together since 1984. We are part of the sandwich generation – we have children at home and aging parents that need our assistance. We know first hand the many issues that seniors and their families face, both financial and personal. Every time we meet with a client, family member, or financial advisor, we bring our personal and professional expertise.
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