The Reverse Mortgage Book: Everything You Need to Know Explained Simply

Straight facts for the curious or dubious -- you'll learn a lot.

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.

Enjoy your retirement without financial 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.

Tapping money out of your home made easy!

Bailouts, bureaucrats and broken systems. Three causes of the current crises that is sending jitters through America, especially those who were planning a retirement in the near future. Housing is in the dumps and our money may be tied up in a dwelling that seems to lose money daily. But Cindy Holcomb, author of ¿The Reverse Mortgage Book, seems to have hit upon an option that, if all the rules and regulations are followed, will allow for those over 62, ostensibly the hardest hit in the fixed income arena, to tap money out of their home and salvage a lifestyle that may have been jeopardized by the current state of our economy.

As Ms. Holcomb explains with simple, everyday language in ¿The Reverse Mortgage Book¿, by taking a reverse mortgage, the equity that has built in the house is returned to the owner in monthly payments which can be used to supplement a fixed income, provide money for bills, or, in the cases where a parent has become unable to care for themselves, allow a child, with the proper legal wrangling, to secure money to take care of his/her parents.

Along with her simple guidelines and in-depth explanations of the pros and cons of reverse mortgages, Ms. Holcomb has included over 100 pages of reference material that provides extensive contact information for many agencies from all 50 states that deal with reverse mortgages and their derivatives.

By making ¿The Reverse Mortgage Book¿ such an accessible reference, Ms. Holcomb has taken much of the mystery from an option that, until a few years ago, many Americans had never heard of. Perhaps she may be interested in coming up with something to help with the rest of the financial mess we seem to be treading in.


RATING:
4 stars

complex subject, easy to understand

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.

Thorough and Very Helpful

In The Reverse Mortgage Book, Cindy Holcomb does an excellent job explaining the principles and complexities of the reverse mortgage. Holcomb places these complexities and principles in understandable language which those not educated in finance can understand. The book opens by effectively laying out the pros and cons involved in such a mortgage. Holcomb then shows who can best benefit from a reverse mortgage and why. But, I found the book to be particularly enlightening when Holcomb broke down the various reverse mortgages offered by Fannie Mae. Her classification of these types is very interesting, but more importantly it is essentially to any senior considering a reverse more. And, the book is so thorough that it even has a chapter describing the Canada¿s CHIP (Canadian Home Income Plan) loan which is the Canadian version of the reverse mortgage. Also, the book describes how one receives their cash disbursements whether through lump sum, credit line, or monthly payments. It also puts forth the advantages and disadvantages of each, and the author does a very good job explaining how payment preference should be situation dependent. In addition, there were some very illuminating chapters which described the step by step process of taking out a reverse mortgage, frequently asked questions, and pitfalls which one should avoid. Here, I thought Holcomb was responsible in emphasizing that a reverse mortgage is not free money and will one day have to be paid off. All in all, I felt that the book did a great job explaining the reverse mortgage, and it is written in a language which aging seniors can understand. This is important because seniors need to know both the benefits and drawbacks which come with these mortgages.

Reverse Mortgages

THE REVERSE MORTGAGE BOOK (Everything You Need to Know Explained Simply) lives up to the author¿s promise. Reverse mortgage ¿ with its advantages and disadvantages¿is explained in simple, easy-to-understand terms. Cindy Holcomb presents a side-by-side comparison of a reverse mortgage and a regular mortgage. As the author explains, ¿A reverse mortgage makes it possible for a person over the age of 62 to use the equity without giving up his or her home.¿ But, she cautions, it¿s not for everyone. The book is a handy guide that offers basic information and case studies of actual situations. If you are an elderly home owner or maybe part of what is commonly known as the ¿sandwich generation¿ -- people raising their own children while helping an aging parent-- you will appreciate the chapters titled, ¿Frequently Asked Questions¿ and ¿Common Mistakes.¿ You can use the book to help you make an informed decision about what to do with your mortgage or your parents¿ mortgage. Probably one of the most useful features of THE REVERSE MORTGAGE BOOK is the appendix. It has a detailed state-by-state listing of names and contact information for reverse mortgage counselors in the United States and Puerto Rico.

The Reverse Mortgage Book: Everything You Need to Know Explained Simply by Cindy Holcomb

This is a must-have book for people looking for a book that will explain the principles and complexities behind the concept of the reverse mortgage. Holcomb writes with clarity and precision: her book is like a diagram the reader can follow to understand one of the more important and less transparent components of finance. This book is great for both people with a background in finance and the everyday consumer looking for an education. Though the book is easy to understand, it is not basic or dumbed down. Instead, it takes complex ideas and breaks them down. The book¿s very layout is logical and straightforward. Holcomb opens the piece by explaining the pros and cons of having a mortgage. From here, the book builds its information, moving deftly through complex ideas. The Reverse Mortgage Book: Everything You Need to Know Explained Simply is able to talk not only about the pros and cons of reverse mortgage, but it even takes on Canada¿s CHIP loan, the country¿s version of the US¿s reverse mortgage. This book shows the reader everything from payment plan options to the actual steps of how to release one¿s property equity and to defer payments until the homeowner dies, and with more and more people making it past the age of 60, this is a book that is more than relevant. The best part of Holcomb¿s book is that she has no agenda: she gets nothing out of whether or not the reader decides to invest in a reverse mortgage, and this shows in the writer¿s language. When Holcomb speaks about the benefits of reverse mortgage, the result seems honest and true. For the writer to delve into the different kinds of cash disbursement offered to an individual is something personable, something that delves right down into the nitty gritty of the loan. In this day and age, little is transparent, and Holcomb is able to lift the veil of loans to show what lays beneath.

No text was provided for this review.