There are many myths and misinformation surrounding Reverse Mortgages which cause elderly homeowners to run away from this program. The fact is that reverse mortgages have been around for many years and are very regulated by the government and have many benefits to an elderly homeowner age 62 years or older.
The truth of the matter is many elderly people on a fixed income find the cost of living far exceeds their cost of living adjustment. The hard earned equity in their home can be used to supplement income or for any other purpose. It is not true that you will have to leave your home because of a reverse mortgage.
For more information about reverse mortgages call Polish American Social Services at (215) 923-1900.