A lot of people who might benefit from a reverse mortgage have misconceptions about them. Fact: a reverse mortgage is just like any other mortgage in regards to homeowner rights….with one exception. Unlike a forward mortgage where, after a reasonable period of time after obtaining a mortgage (usually a year or so) a borrower can choose to rent out the property, reverse mortgage borrowers must maintain the home as their primary residence and cannot leave the home for more than twelve months consecutively.
A homeowner’s rights to modify or upgrade their home and the right “to enjoyment of their home and all the benefits of homeownership” are the same as for any homeowner and title to the home remains in their name. A reverse mortgage deed of trust is recorded just as for a forward mortgage albeit for a larger amount than the initial amount available.
Don’t rely on rumor or misinformation. If you have questions about reverse mortgages, or any mortgage, don’t hesitate to contact us.
Joe Adamson NMLS #234559 BRE #01090504 Joe@mortgagemagic.com (408) 975-2400 x123
MORTGAGE MAGIC NMLS #331340 BRE #01104088 (408) 975-2400
