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Editorial Reviews
Product Description
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.
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
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Inside This Book
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First Sentence:
This chapter will explore why a significant percentage of older homeowners, plus their children-the 75 million baby boomers who are now asking financial and lifestyle questions for their parents-will consider a reverse mortgage as a viable opportunity in their life. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
expected average mortgage rate, annual loan cost rate, total annual cost rates, reverse mortgage funds, reverse mortgage money, maximum claim amount, reverse mortgage product, reverse mortgage loan, reverse mortgage program, reverse mortgages, rate cannot increase, conversion mortgage, mortgage changes, much your house, annuity costs, three different rates, mortgage insurance premium, principal limit, home appreciation, older homeowners, initial interest rate, loan limit, expected interest rate, home modifications, equal monthly payments Key Phrases - Capitalized Phrases (CAPs): (learn more)
Home Keeper, Fannie Mae, Financial Freedom, Cash Account, Funding Health Care, United States, Alternate Route, Home Equity Conversion Mortgage, Seattle Mortgage, Wells Fargo, Zero Point Option, New York, Paving the Main Reverse Road, Simply Zero, Remodeling Online, Sister Maria, Big Fitz, Bureau of the Census, Federal Housing Administration, San Diego, Air Force, Early Black Eyes, Howe Brooks Adams Research, National Council, New Mexico New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
This chapter will explore why a significant percentage of older homeowners, plus their children-the 75 million baby boomers who are now asking financial and lifestyle questions for their parents-will consider a reverse mortgage as a viable opportunity in their life. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
expected average mortgage rate, annual loan cost rate, total annual cost rates, reverse mortgage funds, reverse mortgage money, maximum claim amount, reverse mortgage product, reverse mortgage loan, reverse mortgage program, reverse mortgages, rate cannot increase, conversion mortgage, mortgage changes, much your house, annuity costs, three different rates, mortgage insurance premium, principal limit, home appreciation, older homeowners, initial interest rate, loan limit, expected interest rate, home modifications, equal monthly payments Key Phrases - Capitalized Phrases (CAPs): (learn more)
Home Keeper, Fannie Mae, Financial Freedom, Cash Account, Funding Health Care, United States, Alternate Route, Home Equity Conversion Mortgage, Seattle Mortgage, Wells Fargo, Zero Point Option, New York, Paving the Main Reverse Road, Simply Zero, Remodeling Online, Sister Maria, Big Fitz, Bureau of the Census, Federal Housing Administration, San Diego, Air Force, Early Black Eyes, Howe Brooks Adams Research, National Council, New Mexico New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Citations (learn more)
This book cites 7
books:
See all 7 books this book cites
- Long-Term Care by Dearborn Financial Services in Front Matter, page 114, and page 126
- Rhode Island (The Bilingual Library of the United States of America) (Spanish Edition) by Jennifer Way in Back Matter
- Ronald Reagan (Great American Presidents) by Heather Lehr Wagner on page 7
- Your Community (The Kingdom Agenda) by Anthony T. Evans in Back Matter
- James Dean: Behind the Scenes by Leith Adams on page 11
See all 7 books this book cites
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What Do Customers Ultimately Buy After Viewing This Item?
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39% buy the item featured on this page: The New Reverse Mortgage Formula: How to Convert Home Equity into Tax-Free Income $17.05 |
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22% buy Reverse Mortgages For Dummies $11.55 |
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18% buy The Complete Guide to Reverse Mortgages: Turn Your Home Equity into Instant Income! $9.36 |
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13% buy The Reverse Mortgage Advantage: The Tax-Free, House Rich Way to Retire Wealthy! $19.75 |
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