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The New Reverse Mortgage Formula: How to Convert Home Equity into Tax-Free Income Paperback – March 1, 2005

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The New Reverse Mortgage Formula: How to Convert Home Equity into Tax-Free Income + The Complete Guide to Reverse Mortgages: Turn Your Home Equity into Instant Income! + Reverse Mortgage Dangers: The Pros, Cons, Downside and Disadvantages
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Editorial Reviews

From the Back Cover

Live on your equity—without selling or refinancing your home!

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.

This straightforward, simple guide helps seniors and their loved ones understand every aspect of the reverse mortgage, including:

  • Tax ramifications of reverse mortgages
  • Fees and costs associated with reverse mortgages
  • Great things you can do with your reverse mortgage payout
  • Calculating a reverse mortgage based on the owner's age, and the home's location and value
  • How to structure your payout as a lump sum, monthly payments, or credit
  • How much you can borrow and at what rate

"As our population ages, it is critical that senior citizens are made aware of the various options available to them that will enable them to lead more fulfilling, comfortable lives. In this book, Tom Kelly clearly and concisely explains the inner workings of reverse mortgages—a viable financial option for senior homeowners."
—Sarah Hulbert, National Director, Reverse Mortgage of America

"Tom Kelly breaks down a misunderstood, complex topic into a very readable, valuable work for seniors and adult children. This book not only provides one of the key tools to aging in place, but it also clearly and accurately explains the next big financial vehicle in the United States."
—Dr. Richard Garrigan, author and Emeritus Professor of Finance, DePaul University

About 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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Product Details

  • Paperback: 266 pages
  • Publisher: Wiley; 1 edition (March 1, 2005)
  • Language: English
  • ISBN-10: 0471679569
  • ISBN-13: 978-0471679561
  • Product Dimensions: 7.6 x 0.7 x 9.3 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 4.1 out of 5 stars  See all reviews (7 customer reviews)
  • Amazon Best Sellers Rank: #2,201,290 in Books (See Top 100 in Books)

More About the Author

Hovering Above a Homicide is the second book in Tom Kelly's Ernie Creekmore series featuring the adventures of legendary high school basketball coach turned real estate agent and amateur sleuth. The book finds Ernie trying to solve the murder of a "helicopter" parent whose body is discovered in a vacant home for sale.

The first book, Cold Crossover, introduces us to Ernie who gets word that his former start player--Linnbert "Cheese" Oliver--has gone missing from a late-night ferry boat.

Before launching into fiction, Tom served The Seattle Times readers for 20 years, first as a sportswriter and later as real estate reporter, columnist and editor. His weekly features now appear in a variety of newspapers including the Miami Herald, Houston Chronicle, Louisville Courier-Journal, Tacoma News Tribune and Spokane Spokesman-Review plus hundreds of websites.

His ground-breaking book How a Second Home Can Be Your Best Investment (McGraw-Hill, written with economist John Tuccillo) showed consumers and professionals how one additional piece of real estate could serve as an investment, recreation and retirement property over time. His other books include Real Estate Boomers and Beyond: Exploring the Costs, Choices and Changes of Your Next Move (Dearborn-Kaplan); The New Reverse Mortgage Formula (John Wiley & Sons); Cashing In on a Second Home in Mexico (Crabman Publishing, with Mitch Creekmore); Cashing In on a Second Home in Central America (Crabman Publishing, with Mitch Creekmore and Jeff Hornberger), and Bargains Beyond the Border (Crabman Publishing).

Tom's award-winning radio show "Real Estate Today" has aired for 20 years on KIRO, the CBS affiliate in Seattle. The program also has been syndicated in 40 domestic markets and to 450 stations in 160 foreign countries via Armed Forces Radio.

Tom and his wife, Jodi, Dean of the Humanities College at Seattle University, have four children and live on Bainbridge Island, WA, where they back the runnin', gunnin' Bainbridge High Spartans when not wrestling with grandson Myles.

Customer Reviews

Most Helpful Customer Reviews

14 of 17 people found the following review helpful By K. Hawkins on March 5, 2005
Format: Paperback
Think about it: tens of thousands of seniors are house rich and cash poor: they have all this equity locked up in their homes. Most people don't realize that they can't even qualify for a home equity loan -- not enough income or assets. TOM KELLY's new book HAS THE ANSWER FOR THE PARENTS OF BABY BOOMERS WITH THIS NEW BOOK! The dangers of the first REVERSE MORTGAGES ARE GONE: no one will EVER lose their home because of a reverse mortgage. THIS IS THE SOLUTION to allow MOM OR DAD to stay in the homes they love until their final days. They can cash in on the equity in their home and either have it available in a lump sum to draw down or get a steady stream of monthly income -- TAX FREE! Where I live many seniors are giving up their waterfront homes that they have lived in for 30 years or more because they can't afford the real estate taxes. THIS IS A GREAT BOOK, EASY TO READ AND TO UNDERSTAND - IT IS TODAY'S REVERSE MORTGAGE MADE EASY. Mr. Kelly lays it out honestly and directly and pulls no punches. Sure Reverse Mortgages can cost $10,000-$15,000 in closing costs -- but what would it cost your Mom or Dad to sell the home they love, move and buy a new one? A heck of a lot more! KUDOS FOR TOM KELLY on an ABSOLUTE MUST READ for anyone who is considering or helping someone consider a REVERSE MORTGAGE.
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5 of 5 people found the following review helpful By Amazon Customer on June 5, 2006
Format: Paperback
Putting the emphasis on "THE NEW" REVERSE MORTGAGE Mr. Kelly provides a comprehensive review of this valuable financial tool available to seniors. He lays out the cost and compares the options, dispelling the fears and myths that it is "too expensive". While pointing out that it may not be the best option for some, there are many seniors and mortgage professionals who can benefit from this information. There is a lot of misinformation and misunderstanding in the press and in the marketplace about this program. This book will help to set the record straight. With this good information seniors and their adult children can discover that they have more options and can make better choices. The New Reverse Mortgage programs now make it possible for seniors to stay in their homes long term while enjoying tax free income with no fear of foreclosure. If you are a senior or have parents who are seniors you should get this book and read it carefully to explore your options.
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4 of 4 people found the following review helpful By Tom Metro on December 3, 2006
Format: Paperback Verified Purchase
The only thing good about this book is that at one time it was the only book available on reverse mortgages. That is no longer the case. While I haven't sampled the other titles to say how they compare, I can say that you'll find better quality information freely available on the net.

Among the flaws of this book:

It dedicates about 3 chapters (see the table of contents) to discussing what you can do with your money after you've obtained a reverse mortgage. As there are no real restrictions on how that money can be spent, these are useless, arbitrary chapters that would be far better covered in a book on how to spend your retirement.

The few interesting facts the book does introduce (such as the possibility of reducing fees if the mortgage proceeds are applied to long-term care insurance) are not backed up with references, or - as it turns out - explained as being proposed legislation that may never become reality.
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3 of 3 people found the following review helpful By Jon Bauer on June 5, 2006
Format: Paperback
You can't find many books on Reverse Mortgage's, let alone that are recent enough to talk about the changes that have gone on with the product. Tom Kelly does an excellent job explaining how they work, pro's and con's, customer stories and interviews with people in the industry. I recommend his book to everyone that is looking to get a Reverse Mortgage or prospecting entering the Reverse Mortgage field.
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