With the economy in decline and retirement savings dwindling, many seniors are considering reverse mortgages. Unfortunately, myths about these home loans prevent some seniors from receiving the funds that could make a big difference in their lives. Here is the truth about the top 5 reverse mortgage myths.
Myth 1: The bank takes the house OR the borrower can lose the house.
Are you trying to figure out if home refinancing is right for you? Here are some of the most common questions people have when it comes to refinancing a home mortgage.
Q. I have one of those adjustable rate mortgages. Should I refinance to a fixed rate mortgage now?
A. The answer is yes in nearly all cases unless you plan on moving in the next 1-3 years. If you currently have an ARM and you know it’s going to go up (which in today’s market it most likely is) then you should definitely be looking for a fixed rate mortgage.