Yay! Kipplinger Gets It Right!

Misperceptions about reverse mortgages are rampant and most date back to types of reverse mortgage loans that have not existed for over a decade.  One of the most common errors made in media reports are that upon getting a reverse mortgage the borrower loses ownership of their home.  Nothing could be further from the truth.  A reverse mortgage is simply a lien against the property like any other mortgage, home equity line, etc..  Kudos to Kipplinger for giving an accurate and easy to understand explanation of how a reverse mortgage works and how it affects heirs: http://www.kiplinger.com/article/retirement/T021-C000-S004-what-heirs-need-to-know-about-reverse-mortgages.html

 

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