Don't let these myths or misconceptions hold you back from finding out more information concerning a product that may be able to help you. Learn the truth about reverse mortgages today.

#1 The bank will own my home. MYTH. The bank is named as the lien holder on your reverse mortgage. You continue to own the home. The bank has no ownership whatsoever in your home.

#2 If my home increases in value, the bank receives a share of increased value. MYTH. In the older reverse mortgages that existed many years ago, this may have been true. If your home increases in value, once you pay back the reverse mortgage, you or your heirs do not share any of the remaining equity with the bank.

#3 I have poor credit, how will I qualify for a reverse mortgage? MYTH. Your credit has no bearing on obtaining a reverse mortgage. You can still qualify for a reverse mortgage even with low credit scores.

#4 I am in poor health, will this affect my eligibility? MYTH. Many individuals are increasingly turning to a reverse mortgage just for that reason. They use the reverse mortgage to assist them with medical bills, prescriptions and at home care.

#5 If I take out a reverse mortgage, I can't leave my home to my children. MYTH. When it comes time to pay back the reverse mortgage loan, your children may choose to use their own funds to pay off the reverse mortgage loan. They can do this by taking out a mortgage in their name or if you have a life insurance policy, they can use the policy proceeds to pay off the loan.

Make sure you get all of your questions and concerns answered and addressed upfront so that you can make an educated decision whether or not a reverse mortgage is suitable for you at this time. Many people may want to wait until a later age to take out a reverse mortgage. However, if you are having a hard time with the economy being what it is you may want to consider a reverse mortgage to assist you with your living expenses.

The article Top 5 Reverse Mortgage Myths was Submitted by Christine Marciano through Articles.GetACoder.com network. Here's the additional information: Christine Marciano is a Reverse Mrtgage specialist and has 15+ years xperience in the Financial Services industry. Chrstine takes the time to help ndividuals explore whether or not a rverse mortgage is right for them. She has hlped many through this process and tkes great pride in knowing that she has hlped many individuals change their lives in a pwerful way. Contact Christine Marciano at (866) 248-9508 for a FREE Rverse Mortgage CD that explains reverse mrtgages in further detail or visit my wbsite at: http://www.reversemortgagenj.com Christine is also available for consultations to help you determine if a reverse mortgage is right for you.