If you are trying to figure out whether this reverse mortgage is a right choice for you, believe me, you will come across a lot of myths and misinformation related to it. Quite often the truth is quite different. Actually, this Hawaii reverse mortgage is a great way for seniors to live the life they deserve. They just have to meet certain qualifications to enjoy the reverse mortgage. This will help maintain the quality of their life and will also provide them the income to fulfill all their dreams that they have seen for their retirement years.
However, there are certain misconceptions that often keep seniors away from taking advantage of reverse mortgage in Hawaii. Some of these myths are false and others are only partially false. Therefore, it is important to gather significant reverse mortgage information before applying for the one. Here are some of the biggest misapprehensions that you might hear about Hawaii reverse mortgage followed by the truths surrounding each of them. Have a look and take an informed decision.
# Myth 1: There is no difference between a reverse mortgage and a home equity loan
Guys! They both are totally different. In the case of a home equity loan you are required to make payments while in reverse mortgage, there are no monthly payments. For a home equity loan, the borrower has to meet the income and credit qualifications but for a reverse mortgage, no such specifications are needed. So, it’s clear they are totally opposite of each other.
#Myth 2: Once you go for a reverse mortgage in Hawaii, you are no longer the owner of your place
No, this is completely false. You will always be the owner of your home. The lender is simply putting a loan on your place just like a regular mortgage. The only difference is there will be no monthly payments and the interest will be added to your monthly balance. The loans are not payable until and unless you decide to permanently leave the place. Just make sure you timely pay all property taxes, insurance and maintenance.
Read More : What is a Certified Senior Adviser?
#Myth 3: If you have poor credit you can’t apply for reverse mortgage in Hawaii
Well, a bad credit is not an issue for a reverse mortgage. You won’t be denied a mortgage because of this as your credit is not at all a consideration for approval. The only reason any lender would check your credits will be to make sure that you don’t have any government taxes to pay.
# Myth 4: On getting a Hawaii reverse mortgage, you can be forced out of your home at anytime
This is a totally wrong statement. As long as you continue to live in your home and consider it as your primary residence, and pay taxes and insurance with full maintenance, you can’t be forced out of your property.
So, don’t let these myths come in the way of your reverse mortgage in Hawaii. This is certainly the best thing you can do for your old age. Apply for it now!
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