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FALSE - YOU as the homeowners retain full ownership and title. |
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FALSE - You can never owe more than the value of your home. |
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FALSE - You may still have a mortgage or other debt on your home, however, the proceeds of the reverse mortgage must first be used to pay off such debt. |
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FALSE - The reverse mortgage is actually an excellent financial planning tool that is used by homeowners from all walks of life to enhance their retirement years. |
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FALSE - When the loan must be repaid, you or your heirs can either pay the balance and keep the home, or sell the home and use the proceeds to pay off the reverse mortgage. |
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Monthly payments are not made in a reverse mortgage. The lender receives their money when the loan is paid back in full, when the borrower no longer resides in the home. |
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