The word “misinformation” is used regularly by the news media, political figures, various social groups, and everyone claims they are sharing the truth about what is happening in our communities and countries.
Citizens are questioning the traditional sources of news and harbor doubts about what is accurate, true, a distortion, or a myth. It is confusing and creates anxiety and a sense of helplessness.
Misinformation has distorted the truth about reverse mortgage for many years. So much so, the distortions continue to circulate with older adults and their children and because of their unfounded beliefs, would never consider using one to have funds for care giving, or to eliminate and ongoing mortgage payment.
Unfortunately, many Financial Advisors remain uninformed and embrace many of the same beliefs and would never consider their use for a client. But what if their client is withdrawing funds from their investments to pay for a mortgage, medical costs, home repair, care giving fees?
And they liquidate their investments? “poof”. And their Advisor just lost a client due to poor financial advice.
Before anyone “writes off” considering using a reverse loan, Do the HUD Counseling and don’t ask for advice from your friends, neighbors, hairdresser, or doctor. They are not qualified to answer your q uestions.