Is Your Home Secretly Eligible Reverse Mortgage Calculator

Common Misconceptions

There are several misconceptions about reverse mortgages that often deter homeowners from considering them. One common myth is that the bank owns your home after you take out a reverse mortgage. In reality, you retain ownership, and the loan is repaid when you sell the home, move out, or pass away. Another misconception is that you can owe more than your home is worth. However, reverse mortgages are non-recourse loans, meaning you will never owe more than the home's value at the time of sale³.