Not surprisingly, if you select a reverse mortgage program that pays you for the rest of your life. The use your home to stay at home booklet also helps seniors to understand. The reverse mortgage enabled him to buy a small boston whaler so he could get out on the water on a regular basis. With over 10 years of experience in closing reverse mortgages, we can write the book on reverse mortgages and we did. Download current and back issues of reverse mortgage magazine to get the latest news and insights from industry professionals. Reverse mortgages for dummies by sarah glendon lyons. Receive a free guide to see why australians are enjoying a more comfortable retirement with a heartland seniors finance reverse mortgage. Reverse mortgages for dummies covers all the basics of reverse mortgage products so you and your adult children can understand and take full advantage of.
Each book has a different focus, and answers the top 20 questions. Thats why reverse mortgages are called rising debt, falling equity loans. Best reverse mortgage lenders of 2020 retirement living. Reverse mortgages for dummies cheat sheet youve probably heard a lot about reverse mortgages, as they are a popular, safe, simple way to supplement seniors retirement income. As part of obtaining a reverse mortgage, every potential borrower is required to undergo a counseling session with a hudapproved agency. Youve probably heard a lot about reverse mortgages, as they are a popular, safe, simple way to supplement seniors retirement income. Reverse mortgages, a discussion guide consumer financial.
A reverse mortgage is a type of mortgage in which a homeowner borrows money against the value of their house, either in the form of a monthly payment or a line of credit. Reverse mortgage loan terms include occupying the home as your primary residence, maintaining the home, paying property taxes and homeowners insurance. Our new reverse mortgage guides are the best resource for accurate and up. Your home as a piggy bank a reverse mortgage is a loan based on the paidup current value, or equity, in your home.
Reverse mortgages for dummies covers all the basics of reverse mortgage products so you and your adult children can understand and take full advantage of these handy loansand keep the home you. Borrowing against your home reverse mortgage loans. Reverse mortgages for dummies covers all the basics of reverse mortgage products so you and your adult children can understand and take full advantage of these handy loansand keep the home you love. With a reverse mortgage, you borrow money using your home as a. Reverse mortgage direct ach depo sit request and email authorization. How to read my reverse mortgage statement sample on next page 1 loan number.
A good closing agent can explain the documents, but oftentimes the agent. The official reverse mortgage handbook approved by hud, this guide helps older adults weigh their decisions about tapping their home equity. Proceed with caution dont sign the loan documents unless you understand how a reverse mortgage works. About the book understanding the new reverse mortgage. New book is guide to all things reverse mortgages in 2017.
Another important change is for couples considering a reverse mortgage. When considering a reverse mortgage loan in retirement, it is important to build your knowledge of the product in order to make a confident decision about whether or not it is right for you. To view your free educational ebook, simply fill out the form below. Because not all borrowers have similar needs, a reverse mortgage can be tailored to each homeowners. Essentially, you will undergo the same process for a refinancing a mortgage as you do when applying for a mortgage for a home purchase. A reverse mortgage uses a persons home equity to create the loan itself and is only available to homeowners who are 62 or older. The loan is repaid when the borrower passes away, leaves the home. This site is not authorized by the new york state department. Getting a good deal if youre considering a reverse mortgage, shop around. There are four books available through this site, including understanding reverse, and a series of books under the name reverse mortgages made simple understanding reverse 2020 understanding. Information on reverse mortgages a dummies guide for.
The proceeds of a reverse mortgage, including the line of credit option taken by many reverse mortgage borrowers today, can also be used for a very important purpose. Unlike a conventional mortgage, your lender pays you in monthly payments, through a variable line of credit or in a lump sum. Our goal is to help explain many of the pros and cons of a home equity conversion mortgage hecm for homeowners. C onsumer f inancial pr otection bur ea u considering a reverse mortgage. Among other things, counselors are required to provide. The loan is repaid when the borrower passes away, leaves the home permanently or sells. Covering a full range of reverse mortgage options and topics, youll discover how to. Marchapril 2020 sales people always look for an edge, and sometimes. Before i work with a closing agent, i meet with him or her for an educational session on the fundamentals of reverse mortgages.
Discover what a reverse mortgage is explained in simple terms. Reverse mortgages for dummies national association of. If your health declines, monthly loan payments along with other expenses may become more than you can handle. Reverse mortgages, family style the new york times. What is a reverse mortgage also known as home equity conversion mortgages hecms and is tapping into home. The new forms are easier to understand and easier to. Great books for firsttime homebuyers firsttime homebuyers face a big challenge in learning the ins and outs of buying a home. This is why reverse mortgages can be such a good choice for seniors. A reverse mortgage allows homeowners to borrow against their homes equity, while still maintaining ownership of the home. A reverse mortgage loan is a loan, after all, and any loan against your homes equity will require some paperwork.
Rather than face the choice of selling your home and moving or becoming a homeowning pauper. Free no obligation, reverse mortgage educational ebook. Use your home to stay at home the official reverse. Marcie geffner is an awardwinning freelance reporter, editor, author, writer and blogger whose work has been.
Interest on reverse mortgages is not deductible on income tax returns until the loan is paid off in part or whole. Borrowing against your home october 2010 update since the publication of this booklet in 2008, there have been a. Reverse mortgage guides is a reverse mortgage educational website. Reverse mortgages for dummies covers all the basics of reverse mortgage products so you and your adult children can understand and take full advantage of these handy loansand keep. How to use reverse mortgages to secure your retirement. A way to receive reverse mortgage proceeds in which the borrower gets access to a line of credit as well as equal monthly payments for as long as he or she.
Print reverse mortgage guides premier reverse mortgage. Instead of paying off the home loan as you borrow money, the payments are put off deferred. In a regular, or socalled forward mortgage, your monthly loan repayments make your debt go down over time until youve paid it all off. All three books in this series are short and easy to read. How to read a reverse mortgage statement pocketsense.
As a member of the national reverse mortgage lenders association nrmla, finance of america reverse has retailers licensed in 43 states and a wholesale division licensed in 42 states and puerto. Mortgage terms financial education is your best investment financial iq. Reverse mortgages, available to homeowners 62 and older who have equity in their home, allow homeowners to get cash from that equity without selling their. A qualified reverse mortgage counselor can help you learn more. Following are ways to use, and not use, a reverse mortgage loan. Also known as hecm home equity conversion mortgage, a reverse mortgage, allows the homeowner. In this debut finance book, pfau draws on accumulated research and a deep understanding of the intricacies. Some reverse mortgage programs commit to a particular monthly payment for a preset number of years, and other programs make payments as long as you continue living in your home or for life. A reverse mortgage is sometimes called a deferred payment loan, and for a very good reason. You will want to reference this account number when you call. A reverse mortgage can be a valuable retirement planning tool that can greatly increase retirees income streams by using their largest assets. You will want to reference this account number when you call the servicing department for any questions on your loan. Answers to common questions simplifying the thinking mathematically 6th edition.
Books can be a great help in getting you up to speed, but with so many out. About this discussion guide this guide gives an overview of many key concepts of reverse mortgages. Called a caregiver mortgage by its creator, national family mortgage of belmont, mass. A reverse mortgage is a financial tool for senior homeowners 62 and older. Longterm solutionreverse mortgage if you expect to live in your current. There was also enough in the account to enable him to go on a couple of. The know before you owe mortgage disclosure rule replaces four disclosure forms with two new ones, the loan estimate and the closing disclosure. A reverse mortgage is a loan against your home that you dont have to repay as long as you live there. These materials are not from hud or fha and were not approved by hud or a government agency. A researcher and financial analyst explains the role of the reverse mortgage in retirement planning. A reverse mortgage is a loan for homeowners age 62 and older that requires no monthly mortgage payments. In the past, couples who took out a reverse mortgage loan in the name of only one spouse ran into trouble when the borrowing. This short, informative ebook, delivered directly to your email inbox, will help.
223 1622 1529 906 381 969 1184 147 843 1356 564 48 779 1588 880 1393 904 301 368 356 600 1621 204 471 227 293 597 354 307 266 330 31 805 143 547