A straightforward explanation of the ins and outs of reverse mortgages This book explains reverse mortgages in easy language so seniors (or their family members) can fully understand, and benefit from, these loans. Reverse loans allow seniors to convert part of their home equity into tax--free income. This lets seniors easily borrow against the value of their home without giving it up, and makes it easy for seniors or their children to repay the loan when the home is sold. The New Reverse Mortgage Formula helps readers fully understand and take full advantage of these helpful loans. Tom Kelly (Rolling Bay, WA) is a former real estate editor for the Seattle Times. An experienced real estate investor, he currently writes a nationally syndicated column and hosts a nationally syndicated radio program.
About the Author.
Chapter 1. Who Are Those Guys?
The Scope of the Reverse Mortgage Market.
Chapter 2. How Much Can I Borrow....and What Will it Cost?
Reverse Mortgage Amounts Tied to Age, Location, Home Value.
Chapter 3. What's on the Menu?
Picking the Right Reverse Mortgage Program.
Chapter 4. The Many Uses of Reverse Mortgage Funds.
Solving the Needs and Wants of Real People in Real Situations.
Chapter 5. Paving the Main Reverse Road.
HUD Has Provided Terrific Testing Grounds.
Chapter 6. Taking an Alternative Route.
Homeowners Who Can't....or Simply Don't Want To.
Chapter 7. Aging in Place and Funding Health Care.
The Prime Target for Reverse Mortgage Money.
Chapter 8. Reverse Mortgage Cash for Modification.
The Changes That Will Allow All Ages to Stay at Home.
Chapter 9. Early Black Eyes: Scanning the History of the Reverse.
Like ARMs, Industry Took its Lumps.
Epilogue: Going Forward in Reverse.
Appendix A: Sample Amortization Schedules and Constant Maturity Indexes.
Appendix B: Reverse Mortgage Lenders, Helpful Forms, and Resources.