Reverse mortgages are not government sponsored; they are government INSURED.
The claim that you will never make a payment is misleading. You are not required to make monthly payments for as long as you live in the home (& keep it in good repair & keep taxes and insurance paid), but it does have to be repaid upon the cessation of your residence in the home.
Making either of these claims in reverse mortgage marketing is considered by the National Reverse Mortgage Association to be unethical.
Reverse mortgages are not government sponsored; they are government INSURED.
The claim that you will never make a payment is misleading. You are not required to make monthly payments for as long as you live in the home (& keep it in good repair & keep taxes and insurance paid), but it does have to be repaid upon the cessation of your residence in the home.
Making either of these claims in reverse mortgage marketing is considered by the National Reverse Mortgage Association to be unethical.
LinzNerd405 2 years ago