Product Description

Recent estimates have shown that there are more than 100,000 active reverse mortgages in the United States, and that number is on the rise. Reverse mortgages allow people over the age of 62 to release the equity in their property and defer payments until the homeowner dies. As these mortgages become more and more popular, it is becoming increasingly important for senior citizens to understand the process and the features of this unique loan. The Reverse Mortgage Book does just that, explaining everything you need to know in easy to understand terms. In this new book, you will learn about the details of new legislation, payment plan options, tools that will help you calculate loan advances, financing fees, what to do with leftover equity, borrower qualifications, common mistakes people make, resources for securing reverse mortgages, and planning strategies. You will also learn about the types of reverse mortgages, including the Home Equity Conversion Mortgage, the Financial Freedom Cash Account, and the CHIP Reverse Mortgage for Seniors, and the different ways to receive payments, such as tenure, term, line of credit, modified tenure, and modified terms. In addition, you will learn about the steps involved in a reverse mortgage, from the application to processing, from underwriting to closing. This book also goes into detail about how to convert equity into tax-free income, how to determine how much money you can get, how to determine if your home qualifies, how to shop for the best products, how to find a counselor, how reverse mortgages differ from other loans, and how to minimize setup fees. This book will provide you with the answers to commonly asked questions, such as, Is it possible for me to lose my home? What effect does my age have? What effect will my needs for long-term care have? By reading this book, you will completely understand everything there is to know about reverse mortgages, enabling you to make wise decisions and maintain your financial independence.

Product Details

• Amazon Sales Rank: #247332 in Books
• Published on: 2008-09-03
• Original language: English
• Number of items: 1
• Binding: Paperback
• 288 pages

Features

• ISBN13: 9781601382139
• Condition: NEW
• Notes: Brand New from Publisher. No Remainder Mark.
• Click here to view our Condition Guide and Shipping Prices

Customer Reviews

Simple, useful
The Reverse Mortgage Book is an accessible guide for people who are considering a reverse mortgage, or for family members who would like to suggest a reverse mortgage to a senior family member. Reverse mortgages are lines of credit that depend on the available equity in a person's home, their primary residence. There are three major reverse mortgages--Home Equity Conversion Mortgage (HECM), the Fannie Mae Home Keeper Loan, and the Financial Freedom Cash Account--available in the United States, and the Canadian Home Income Plan (CHIP) in Canada. This book outlines each of these loans, how a borrower could qualify and apply for a reverse mortgage, and how the funds could be used, all explained in plain English. The book also includes case studies from lenders and borrowers--admittedly quite favorable toward reverse mortgages--and a directory of counselors by state.

The book is extremely easy to read, even for people who aren't interested in loans or personal finance. It would make a useful reference for people who are researching the reverse mortgage option, supplementing websites and literature, which are also listed in this book in case the Reverse Mortgage Book is the person's first source of information. I would recommend this book for its plain, accessible style, short chapters and clear categorization as a reference to people researching the reverse mortgage option and as a resource to consult prior to and after discussing the reverse mortgage with a qualified counselor.

Complete, concise information for those considering a reverse mortgage
Before reading this book, I had only the most basic idea of what a reverse mortgage is. I knew it was for senior citizens, and I knew it helped them stay in the homes they'd worked hard to own, but that was about all.

The book details not only what a reverse mortgage is and how it works, but also offers guidelines for determining whether you qualify for a reverse mortgage, lists of the kinds of documents you'll need to present to your loan officer, a description of the different ways in which you can elect to receive your money, a step-by-step description of the loan process, and more.

In addition to these practical concerns, it also addresses the "human" element, advising seniors to assemble a "support team" of their own adult children, trusted friends, or even a clergy member, to guide them through the reverse mortgage process. It discusses common misconceptions about reverse mortgage, including many adult children's fear that a reverse mortgage will eat away at their inheritance (there's even a chapter written expressly for adult children to read, but I felt it was one of the book's weak points, coming off as preachy), it suggests that you plan ahead and be prudent once you receive your money, and it makes sure to point out that even if you qualify for a reverse mortgage, there are other financial options that you should look into as well.

Sprinkled throughout the book are Case Studies -- interviews the author conducted with "Reverse Mortgage Specialists," credit counselors, and real people who obtained reverse mortgages. If the book's good balance of comprehensive information and consideration of the "human" component hadn't already impressed me, the Case Studies would have done the trick. They are resounding endorsements for reverse mortgage, telling stories of homes -- and even lives -- that were saved thanks to this lending tool.

The back of the book features a state-by-state listing of "Reverse Mortgage Counselors," as well as a bibliography, but the body of the book also incorporates lists of frequently-asked questions and even a brief chapter describing legislation that protects borrowers.

If you're considering a reverse mortgage -- or if you're convinced that a reverse mortgage will rob you of everything you (or your parents) have worked hard for -- pick up this easy-to-read book and get the facts.

Retirement without worry!
This book is essential if you or someone in your family is considering, or wants to learn more about, a reverse mortgage loan. It walks you through the process from borrowing to repayment in a conversational, easy-to-read format. There are plenty of side-by-side charts and tables that provide excellent illustrations of the ins and outs of the complicated aspects of the process. Additionally, you can read about real life situations that are very helpful for you to see how a reverse mortgage can work for you.

The Reverse Mortgage Book provides precise information on each of the types of reverse mortgages that are available. You will find information about the ways in which you can receive your payments, and all of the incumbent fees and costs that may come with this kind of loan are revealed. It outlines how to protect yourself and how you are already protected. Checklists are provided covering all the points to consider before making each decision, such as how to choose a lender.

You will get straightforward advice about how to discuss the ramifications of your decision with those who will be affected, and even a section devoted to the adult children of those considering getting a reverse mortgage. You can find the answers to Frequently Asked Questions, some common mistakes to avoid, and even information about current legislation. At the end, there is an exhaustive section of state-by-state resources for reverse mortgage counselors.

This is a comprehensive guide written in everyday language that all homeowners can understand.