Mortgage Myths for Reverse Mortgages in Amagansett New York
By David Bailey and Erika Bailey, "Creating Clients for Life" Cell # 631-589 3600
(The Mortgage Outlet NMLS # 36861)
The Mortgage Outlet has discovered that there a lot of misinformation and mortgage myths about Reverse Mortgages in AMAGANSETT New York. A reverse mortgage is a home equity loan which allows homeowners 62 years or older to convert some of their home-equity into tax-free income without having to make any repayments on any part of the loan as long as they will continue to live in the home. The tax-free proceeds from a reverse mortgage can be used for any purposes. Reverse Mortgages were created to enhance the lifestyle of the borrower for the rest of their life. Myth # 1: The Bank will own my home. Fact: Your title will not change until you sell your home and you will maintain ownership of your property. The lender will place a lien against your property just like a regular m...