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Reverse Mortgages
You’ve heard the rumors… now get the facts.

Is a FHA insured reverse mortgage right for you? Your parents? Your grandparents? Perhaps. While reverse mortgages don’t make sense for every homeowner, they are a versatile and powerful financial tool that any retiree should know about. Unfortunately, there are many more rumors than facts circulating about reverse mortgages. Here are some facts to consider.

» Our nation has experienced an unprecedented financial crisis over the past five years.

» Most of us have been adversely impacted by this economic calamity, including declining investment portfolios and home values, job losses, slow economic growth, and lowered expectations for the future.

» Americans are realigning their future goals with their new reality for the future and are searching for solutions and alternatives to help them recover.

That’s why Americans age 62 or older need to understand and consider all of their options for retirement planning, and one of the most powerful, and most misunderstood, is the FHA reverse mortgage.

The rumor mill has been steadily turning out information. Some information has been accurate and some highly inaccurate. Many that might have benefitted from a reverse mortgage have instead substituted fiction for fact, choosing to ignore this option that may eliminate mortgage payments and provide access to additional tax free income for the rest of their lives.

“It’s unfortunate that this amazing program, offered by HUD/FHA, is so misunderstood,” says Kim Mizer, Reverse Mortgage Specialist with FirstBank. “It’s so versatile and affordable and can provide valuable options, but many dismiss it without even taking time to get the facts or understand how it actually works. My goal is to educate people about today’s FHA reverse mortgage, so they can evaluate it for themselves as one tool in retirement and life planning.”

Here are several reverse mortgage myths to consider:
• With a reverse mortgage, the lender owns my home – FALSE
• My children won’t have an option to keep my home if I die – FALSE
• I can’t quality if I have an existing mortgage – FALSE
• Only low income seniors qualify or can benefit – FALSE
• I can be forced out of my home if I outlive my life expectancy – FALSE
• I must have a good credit score to qualify – FALSE

These are just a few of the reverse mortgage myths which exist. Doesn’t it make sense to get the facts from a local resource who specializes only in reverse mortgages? It might just provide the peace of mind that you, your mom, or grandmother deserve.

For more information, contact Kim Mizer, Reverse Mortgage Specialist, at FirstBank. A Knoxville resident, put Kim’s more than two decades of mortgage experience to work for you today. Kim’s motto is “no pressure, just information.” Call 423-677-7877 or email kmizer@firstbankonline.com.

FirstBank – Kim Mizer
423.677.7877
kmizer@firstbankonline.com
NMLS#891935

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