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The New Reverse Mortgage Formula: How to Convert Home Equity into Tax-Free Income Paperback – March 4, 2005
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From the Back Cover
Live on your equitywithout 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 incomeeven 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 mortgagesa 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.
Top customer reviews
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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.
I would highly recomend this book. It gives a good explanation of the features and benefits and if a reverse mortgage is right for you in your particular situation. We hardly had any questions when the reverse mortgage expert came out.