A reverse mortgage is one of the most misunderstood financial products available. Even if they qualify for a reverse mortgage and would benefit from the extra stream of funds it would create, many seniors avoid considering one because of myths and misconceptions about reverse mortgages.
Reverse mortgages are probably the most misunderstood financial products for seniors. Celebrity spokesmen on TV commercials make them sound wonderful, while negative rumors (“It’s a scam!” “It’s too good to be true!” “The bank will get your home!”) abound. You just don’t know who or what to believe.