Reverse Mortgages For Dummies [Paperback]

Sarah Glendon Lyons (Author), John E. Lucas (Author)

Book Description

Publication Date: June 24, 2005

For seniors who live on a fixed income, owning a home—and keeping it—can be financially challenging. Rather than face the choice of selling your home and moving or becoming a home-owning pauper, reverse mortgage products let seniors convert part of their equity into tax-free income that can be used for anything—even mortgage payments, living expenses, or medical costs.

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 loans—and keep the home you love. Covering a full range of reverse mortgage options and topics, you’ll discover how to:

• Decide if a reverse mortgage is right for you
• Shop for the best reverse mortgage products
• Find out if your home is eligible
• Find a counselor who can help you

Written by Sarah Lyons, an Assistant Editor at Mortgage Originator magazine, and John Lucas, an experienced reverse mortgage specialist, Reverse Mortgages For Dummies explains these helpful loan products in simple, easy-to-understand language free of all the jargon. Once you understand how reverse mortgages differ from other loans—and what you could do with your reverse mortgage—the book covers the specifics you need to find the right loan for you, including:

• Special advice for adult children helping their senior parents secure a loan
• How to get a reverse mortgage and keep your second home legally
• Property requirements and financing fees
• Selecting among a multitude of lenders
• Spending and estimating leftover equity
• Sharing the decision-making process with family and loved ones

If you’re a senior wondering whether a reverse mortgage can help you keep your home, this book gives you the information you need to make smart, informed decisions that are vital to you, and your family’s, security. Reverse Mortgages For Dummies will help you keep your home and live the life you want.

Editorial Reviews

From the Back Cover

Fully explains how reverse mortgages work

With special advice for the adult children of seniors

Reverse mortgages are a great way for you to keep your home, even on a retiree's fixed income. But with so many loan options, where do you start? Relax! This friendly guide covers all the basics so you and your adult children can understand and take advantage of these handy loans — and keep the home you love.

Discover how to

• Decide if a reverse mortgage is right for you
• Shop for the best reverse mortgage products
• Find out if your home is eligible
• Walk through each step of the process with confidence
• Find a counselor who can help you

About the Author

Sarah Glendon Lyons is Assistant Editor of Mortgage Originator Magazine, the leading U.S. trade publication and Web site on the mortgage origination business.

John E. Lucas is a lecturer, educator, and reverse mortgage specialist with more than 38 years of experience in the mortgage industry.

Product Details

• Paperback: 285 pages
• Publisher: For Dummies; 1 edition (June 24, 2005)
• Language: English
• ISBN-10: 0764584464
• ISBN-13: 978-0764584466
• Product Dimensions: 9.2 x 6.2 x 0.6 inches
• Shipping Weight: 12.8 ounces (View shipping rates and policies)
• Average Customer Review: 4.7 out of 5 stars  See all reviews (20 customer reviews)
• Amazon Best Sellers Rank: #598,191 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

15 of 15 people found the following review helpful:

5.0 out of 5 stars helpful and unbiased, July 5, 2005

By 

v. macarthur (allentown, pa) - See all my reviews

This review is from: Reverse Mortgages For Dummies (Paperback)

I bought this book for my mother, and although I had to go through it with her, it made the whole concept of reverse mortgages so much easier for both of us to understand. i thought i had done my homework, but this book cleared up some misconceptions i had, and taught me a lot about the loan and it's pros and cons without trying to sell me on getting one. it also put my mind at ease about repaying the loan and what would be left for me and my siblings, and gave us something to think about in terms of making arrangements for our mother's future. It's definitely the best source on the subject that i've found yet.

9 of 9 people found the following review helpful:

5.0 out of 5 stars Right on the Money, December 13, 2005

By 

Allen Roth (Los Angeles, CA) - See all my reviews

This review is from: Reverse Mortgages For Dummies (Paperback)

I saw this book in a listing in the Wahington Post of the 10 best real estate book this year and bought it as a gift for my aunt and for my wife's aunt and uncle. I've been flipping through it and I'm really impressed with the level of information in this book. It's easy to read, and I think even our 70-something relatives will be able to understand the concepts. What we liked best about it is that it doesn't talk down to you, and offers many resources unaffiliated with the book for extra help. I would highly recommend this book.

9 of 9 people found the following review helpful:

4.0 out of 5 stars A great guide, June 29, 2005

By 

A. Keller (Los Angeles) - See all my reviews
(REAL NAME)   

This review is from: Reverse Mortgages For Dummies (Paperback)

This book has been a major help. Its exactly what I was looking for! It is a clear and concise guide that really walks you through the whole process. A must have if you or your loved ones are considering a reverse mortgage.