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

Overview

Many seniors have trouble making ends meet after retirement. Often their homes are their most valuable assets, but they can't access the equity they've accrued unless they sell. If you find yourself in this position, you might face the dilemma of having to sell your home. Thankfully, the reverse mortgage offers seniors the option of remaining in their homes with no mortgage payments.

Reverse mortgages permit seniors to convert part of their home equity into tax-free income-even...

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Overview

Many seniors have trouble making ends meet after retirement. Often their homes are their most valuable assets, but they can't access the equity they've accrued unless they sell. If you find yourself in this position, you might face the dilemma of having to sell your home. Thankfully, the reverse mortgage offers seniors the option of remaining in their homes with no mortgage payments.

Reverse mortgages permit seniors to convert part of their home equity into tax-free income-even if they're still paying on the mortgage. Designed specifically for seniors, these specialized loans let you tap into your equity and use the money for any purpose. Safe and legal, these loans can never cost more than the value of the home, and the loan doesn't have to be repaid until you, or an heir, sell the home.

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Product Details

  • ISBN-13: 9780786286973
  • Publisher: Gale Group
  • Publication date: 6/21/2006
  • Series: Thorndike Health, Home and Learning Ser.
  • Edition description: Large Print Edition
  • Pages: 311
  • Product dimensions: 5.70 (w) x 8.60 (h) x 1.50 (d)

Meet the Author

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.

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Table of Contents

About the Author vii
Acknowledgments viii
Preface ix
Introduction xv
Chapter 1 Who Are These Guys? The Scope of the Reverse Mortgage Market 1
Chapter 2 How Much Can I Borrow...and What Will It Cost? Reverse Mortgage Amounts Tied to Age, Location, and Home Value 17
Chapter 3 What's on the Menu? Picking the Right Reverse Mortgage Program 39
Chapter 4 The Many Uses of Reverse Mortgage Funds: Solving the Needs and Wants of Real People in Real Situations 61
Chapter 5 Paving the Main Reverse Road: HUD Has Provided Terrific Testing Grounds 81
Chapter 6 Taking an Alternate Route: Homeowners Who Can't...or Simply Don't Want To 94
Chapter 7 Aging in Place...and Funding Health Care: The Prime Target for Reverse Mortgage Money 112
Chapter 8 Reverse Mortgage Cash for Modification: The Changes That Will Allow All Ages to Stay at Home 137
Chapter 9 Early Black Eyes: Scanning the History of the Reverse: Like ARMs, Industry Took Its Lumps 155
Epilogue: Going Forward in Reverse 163
Recommended Readings 171
Appendix A Sample Amortization Schedules and Constant Maturity Indexes 173
Appendix B Reverse Mortgage Lenders, Helpful Forms, and Resources 193
Index 261
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