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- Myth: You’ll lose possession of your home to the lender.
- Fact: The lender does not take control of the title. You and your family continue to retain ownership of your home after a reverse mortgage.
- Myth: You will be spending your children's inheritance.
- Fact: The bank does not lend you all the equity you have in your home. In most cases, a significant amount is preserved for your legacy. Studies show most adult children are in favor of reverse mortgages.
- Myth: You may someday owe more than your home is worth.
- Fact: A reverse mortgage is a Non-Recourse Loan. You can never owe more than your house is worth at the time it is sold.
- Myth: If the company servicing your loan goes out of business, you will lose your Reverse Mortgage.
- Fact: Your loan is Government Guaranteed. Should this ever happen, your loan would simply be transferred to a different company.
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Gateway Funding Diversified Mortgage Services L.P. NMLS #1071 d/b/a Arlington Capital Mortgage is licensed by the PA Dept of Banking; Licensed by the Dept of Corporations under the CA Residential Mortgage Lending Act; Licensed by the CT Department of Banking; Licensed by the Delaware Office of the State Bank Commissioner; Correspondent Mortgage Lender License in FL (CL0701952) GA Residential Mortgage Licensee (#15499); Licensed Mortgage Lender in MD (5769); Licensed by the NJ Dept of Banking & Insurance; Licensed Mortgage Lender NC (ML-3443); Gateway Funding d/b/a Arlington Capital Mortgage is exempt as a mortgage banker in TX. This is not an offer to extend credit to any individual who may be entitled to a more complete disclosure per RESPA, TILA, HOEPA or any other more applicable federal, state or local law or regulation, Rates, Terms, Fees and Equity requirements are subject to change without notice. Products and programs are subject to change without notice.