Reverse Mortgage Myth No. 5:
Only poor people apply for the reverse mortgage industry.
It is true that many seniors apply for reverse mortgages to help them with essential month to month expenses and medical needs. However, many seniors take out reverse mortgages for more discretionary spending. They use reverse mortgages to travel, enjoy more leisure activities, assist children or grandchildren with education expenses, or to fund their estate planning. A good number also set up the reverse line of credit as a fund for possible future expenses, such as in home care costs.