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What are the top four reasons people avoid reverse mortgages?

They are usually false assumptions based in fear or from media misconceptions. As a Certified Reverse Mortgage Specialist with HomeEquity Bank my goal is to reduce fears and deliver the correct information so you can make an informed, confident decision.

1) I will lose ownership of my home as the Bank will now own our home.
This is not true. 

As with all mortgages, your home is used to secure the loan and HomeEquity Bank is registered as the lender on title. You never transfer title ownership to HomeEquity Bank.

2) There will be no money left for my beneficiaries.
This is not true. 

Over 99% of homeowners have money left over when their loan is repaid. In fact, the total value of the home can appreciate in value, whereas the interest only accumulates on the smaller loan amount.

3) I will owe more money than the house is worth when I sell.
This is not true. 

HomeEquity Bank has a No Negative Equity Guaranteei. If the home depreciates in value the loan amount due is never greater than the sale price of the home. HomeEquity Bank will cover the difference between the sale price and the loan amount.

4) If my spouse passes away, the Bank will make me pay the loan and move out.
This is not true. 

The surviving spouse maintains ownership and control of the home. They will never be forced to sell, move or repay the loan, as long as they continue to meet their obligationsii

A reverse mortgage is a big decision for anyone to make. It impacts you as the homeowner and borrower and your beneficiaries. If you have questions you feel are not being answered or would simply like more information for yourself or one person you know that would benefit from the advice please call me today at 604-612-6970.

iThe guarantee excludes administrative expenses and interest that has accumulated after the due date.

iiThey must keep the property in good maintenance, pay their property taxes and property insurance until they move or sell the home.

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