The New Reverse Mortgage Formula How to Convert Home Equity into Tax-Free Income

by Kelly, Tom

• ISBN13: 9780471679561
• ISBN10: 0471679569
• Edition: 1st
• Format: Paperback
• Copyright: 2005-03-04
• Publisher: WILEY

Summary

The New Reverse Mortgage Formula explains reverse mortgages in easy language so seniors and their family members can fully understand and benefit from these useful loan products. Reverse loans allow seniors to convert part of their home equity into tax-free income, letting seniors easily borrow against the value of their home without selling it. Safer than ever, today's reverse mortgages are non-recourse loans and lenders do not share in any appreciation or accrued equity. Safe and simple, reverse mortgages are a valuable option for senior homeowners having trouble living on a fixed income or in need of extra cash for any unforeseen expense.

Author Biography

TOM KELLY is a former real estate editor for the Seattle Times. He currently writes a nationally syndicated column and hosts a nationally syndicated radio program. He is recognized by the National Reverse Mortgage Lenders Association as a leader in explaining and detailing reverse mortgage products to consumers. With The New Reverse Mortgage Formula, he provides an innovative, commonsense guide for unlocking critical cash for seniors, creating a financial strategy for baby boomers, or building a pool of funds to pay for future healthcare.

Table of Contents

About the Author	vii
Acknowledgments	viii
Preface	ix
Introduction	xv
Who Are These Guys?
The Scope of the Reverse Mortgage Market	1	(16)
How Much Can I Borrow . . . and What Will It Cost?
Reverse Mortgage Amounts Tied to Age, Location, and Home Value	17	(22)
What's on the Menu?
Picking the Right Reverse Mortgage Program	39	(22)
The Many Uses of Reverse Mortgage Funds
Solving the Needs and Wants of Real People in Real Situations	61	(20)
Paving the Main Reverse Road
HUD Has Provided Terrific Testing Grounds	81	(13)
Taking an Alternate Route
Homeowners Who Can't . . . or Simply Don't Want To	94	(18)
Aging in Place . . . and Funding Health Care
The Prime Target for Reverse Mortgage Money	112	(25)
Reverse Mortgage Cash for Modification
The Changes That Will Allow All Ages to Stay at Home	137	(18)
Early Black Eyes: Scanning the History of the Reverse
Like ARMs, Industry Took Its Lumps	155	(8)
Epilogue: Going Forward in Reverse	163	(8)
Recommended Readings	171	(2)
Appendix A: Sample Amortization Schedules and Constant Maturity Indexes	173	(20)
Appendix B: Reverse Mortgage Lenders, Helpful Forms, and Resources	193	(68)
Index	261