Reverse Mortgages For Dummies

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 ...

Author: Sarah Glendon Lyons

Publisher: John Wiley & Sons

ISBN: 9781118070086

Category: Business & Economics

Page: 285

View: 344

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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.
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The Reverse Mortgage Book

This book also goes into detail about how to convert equity into tax-free income, how to determine how much money you can get, how to determine if your home qualifies, how to shop for the best products, how to find a counselor, how reverse ...

Author: Cindy Holcomb

Publisher: Atlantic Publishing Company

ISBN: 9781601382139

Category: Business & Economics

Page: 288

View: 795

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Recent estimates have shown that there are more than 100,000 active reverse mortgages in the United States, and that number is on the rise. Reverse mortgages allow people over the age of 62 to release the equity in their property and defer payments until the homeowner dies. As these mortgages become more and more popular, it is becoming increasingly important for senior citizens to understand the process and the features of this unique loan. The Reverse Mortgage Book does just that, explaining everything you need to know in easy to understand terms. In this new book, you will learn about the details of new legislation, payment plan options, tools that will help you calculate loan advances, financing fees, what to do with leftover equity, borrower qualifications, common mistakes people make, resources for securing reverse mortgages, and planning strategies. You will also learn about the types of reverse mortgages, including the Home Equity Conversion Mortgage, the Financial Freedom Cash Account, and the CHIP Reverse Mortgage for Seniors, and the different ways to receive. payments, such as tenure, term, line of credit, modified tenure, and modified terms. In addition, you will learn about the steps involved in a reverse mortgage, from the application to processing, from underwriting to closing. This book also goes into detail about how to convert equity into tax-free income, how to determine how much money you can get, how to determine if your home qualifies, how to shop for the best products, how to find a counselor, how reverse mortgages differ from other loans, and how to minimize setup fees. This book will provide you with the answers to commonly asked questions, such as, Is it possible for me to lose my home? What effect does my age have? What effect will my needs for long-term care have? By reading this book, you will completely understand everything there is to know about reverse mortgages, enabling you to make wise decisions and maintain your financial independence. Atlantic Publishing is a small, independent publishing company based in Ocala, Florida. Founded over twenty years ago in the company presidentâe(tm)s garage, Atlantic Publishing has grown to become a renowned resource for non-fiction books. Today, over 450 titles are in print covering subjects such as small business, healthy living, management, finance, careers, and real estate. Atlantic Publishing prides itself on producing award winning, high-quality manuals that give readers up-to-date, pertinent information, real-world examples, and case studies with expert advice. Every book has resources, contact information, and web sites of the products or companies discussed.
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Understanding Reverse 2021

Can the available line of credit and its growth rate be used for insurance and financial planning purposes?This book answers these questions and many more in a user-friendly way and is the most comprehensive educational tool available on ...

Author: Dan Hultquist

Publisher:

ISBN: 9798577574574

Category:

Page: 134

View: 372

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What is a reverse mortgage? Is it more than a loan program for those who are "house-rich, but cash poor?" How does the "non-recourse feature" protect homeowners and their heirs? Can the available line of credit and its growth rate be used for insurance and financial planning purposes?This book answers these questions and many more in a user-friendly way and is the most comprehensive educational tool available on reverse mortgages. It should be read by baby boomers, retirees, heirs, financial planners, housing counselors, HECM counselors, Realtors(R), brokers, financial journalists, mortgage professionals, estate planners, and of course all homeowners who want greater assurance that they can comfortably grow older in their own homes.
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Proceedings Reverse Mortgages

The exploration of demand issues considered the extent of underpenetration of the market for reverse mortgages, product and consumer characteristics, product enhancements, and promotional strategies essential for attaining wider market ...

Author:

Publisher:

ISBN: UCAL:C3305172

Category: Mortgage loans, Reverse

Page: 48

View: 440

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AARP Reverse Mortgages and Linked Securities

This book begins with a brief history of reverse mortgages, and quickly moves on to discuss how the industry has evolved-detailing the players in these markets as well as the process.

Author: Vishaal B. Bhuyan

Publisher: John Wiley & Sons

ISBN: 9781118241738

Category: Business & Economics

Page: 240

View: 713

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AARP Digital Editions offer you practical tips, provensolutions, and expert guidance. Reverse Mortgages and Linked Securities is a contributedtitle comprising many of the leading minds in the Home EquityConversion Mortgages (HECM) industry, including reverse mortgagelenders, institutional investors, underwriters, attorneys, andregulators. This book begins with a brief history of reverse mortgages, andquickly moves on to discuss how the industry has evolved-detailingthe players in these markets as well as the process. It discussesthe securitization of reverse mortgages and other linked securitiesand includes coverage of pricing techniques and risk mitigation.This reliable resource also takes the time to cover the currentregulatory environment of the HECM market, which is constantlychanging due to the current state of the real estate market. Highlights specific strategies that will allow institutionalinvestors to benefit from the resurgence of reverse mortgages andlinked securities One of the only guides to reverse mortgages and linkedsecurities targeted towards institutional investors interested insecuritized products If you want to make the most of reverse mortgages and linkedsecurities, take the time to read this book.
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Understanding Reverse Mortgages

The main purpose of this book is to give you the information you need to know so you can decide whether or not a reverse mortgage is a good idea for your present financial circumstances.

Author: John Barlow

Publisher: CreateSpace

ISBN: 1511869933

Category:

Page: 146

View: 793

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The main purpose of this book is to give you the information you need to know so you can decide whether or not a reverse mortgage is a good idea for your present financial circumstances. If so, then the second purpose of this book is to guide you through that process so you achieve your financial goals with as much knowledge and as little frustration as possible. A reverse mortgage is not right for everyone, but if it is the right solution for you, this book will tell you everything you need to know. There is not a lot of fluff in this book; the intention is to provide the information you need as simply as possible, while making it easy for you to understand reverse mortgages in a pleasant and comfortable way. This book is designed to: 1. Provide a clear picture and understanding about reverse mortgages 2. Explain the overall strategy the Federal Housing Administration (FHA) uses to ensure reverse mortgages are a long-term sustainable solution for families and our nation 3. Provide a balanced view of the positives and negatives of a reverse mortgage 4. Compare and contrast the different product choices and proceed with options for a reverse mortgage 5. Describe the process for acquiring a reverse mortgage 6. Present three different case studies that may be similar to your situation 7. Prepare adult children to understand the reverse mortgage options available and their role in the process
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Reverse Mortgages

If you see reverse mortgage experts , senior vice president of e - commerce at Baltimore , Md . - based 1st re - tweet ( repost ) what they say , if it's ...

Author: United States. Congress. Senate. Special Committee on Aging

Publisher:

ISBN: UOM:39015085440827

Category: Consumer protection

Page: 125

View: 221

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Reverse Mortgages

Reverse MortgageBook.com . I would like feedback from you about these listings . Reverse Mortgages are available in all 50 states , and as such , there are ...

Author: Greg Patti

Publisher: Greg Patti

ISBN: 1419624415

Category: Business & Economics

Page: 230

View: 251

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In-depth discussion of Reverse Mortgages, jam packed with decision making information, realistic examples, how to use Reverse Mortgages to deal with many of Today's issues facing seniors.
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Reverse Mortgages

This is the opposite of what happens in forward mortgages, which are characterized as “falling debt, rising equity” loans. With forward mortgages, monthly ...

Author: Matthew J. Scire

Publisher: DIANE Publishing

ISBN: 9781437918595

Category:

Page: 80

View: 515

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Reverse mortgages -- a type of loan against the borrower's home that is available to seniors -- are growing in popularity. However, concerns have emerged about the adequacy of consumer protections for this product. Most reverse mortgages are made under the HUD Home Equity Conversion Mortgage (HECM) program. HUD insures the mortgages, which are made by private lenders, and oversees the agencies that provide counseling to prospective HECM borrowers. This report examines issues and federal activities related to: (1) the potential benefits and costs of HECMs to borrowers; (2) misleading HECM marketing; (3) the sale of potentially unsuitable products in conjunction with HECMs; and (4) oversight of HECM counseling providers. Illus.
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Reverse Mortgages and Linked Securities

28 REVERSE MORTGAGE BASICS transparency regarding the size and scope of the HECM program. As long as regulatory oversight is implemented in a way that does ...

Author: Vishaal B. Bhuyan

Publisher: John Wiley & Sons

ISBN: 047092151X

Category: Business & Economics

Page: 208

View: 554

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An institutional investor's guide to the burgeoning field of reverse mortgage securitization Reverse Mortgages and Linked Securities is a contributed title comprising many of the leading minds in the Home Equity Conversion Mortgages (HECM) industry, including reverse mortgage lenders, institutional investors, underwriters, attorneys, and regulators. This book begins with a brief history of reverse mortgages, and quickly moves on to discuss how the industry has evolved-detailing the players in these markets as well as the process. It discusses the securitization of reverse mortgages and other linked securities and includes coverage of pricing techniques and risk mitigation. This reliable resource also takes the time to cover the current regulatory environment of the HECM market, which is constantly changing due to the current state of the real estate market. Highlights specific strategies that will allow institutional investors to benefit from the resurgence of reverse mortgages and linked securities One of the only guides to reverse mortgages and linked securities targeted towards institutional investors interested in securitized products If you want to make the most of reverse mortgages and linked securities, take the time to read this book.
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Long term Sustainability for Reverse Mortgages

Reverse mortgage homeowners should be afforded a similar opportunity to repay the arrears on their loans . It simply does not make sense for HUD to insist ...

Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Housing, Transportation, and Community Development

Publisher:

ISBN: UCAL:B5627583

Category: Home equity conversion

Page: 43

View: 292

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Reverse Mortgages Made Simple

So if you take out a Reverse Mortgage when values are high(like right now, in September 2020), if values go down, your Line of Credit remains locked-in to the high appraised value"This is information ANYONE considering a Reverse Mortgage ...

Author: Rick Foxx

Publisher:

ISBN: 9798689241722

Category:

Page: 50

View: 210

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Author Rick Foxx, a 25 year Mortgage Industry veteran, explains the inside info on the New Reverse Mortgage! Your guide to the NEW Reverse Mortgage and Retirement Security - Shattering the Myths, Misconceptions and and Confusion about Reverse Mortgages! "If you look at it as a mortgage with Optional payments, and no risk of foreclosure(as long as you pay taxes and insurance), then it will make sense very easily. A homeowner who is 62 or older and has considerable home equity can borrow against the value of their home and receive funds as a lump sum, fixed monthly payment or line of credit. Unlike a forward mortgage-the type typically used to buy a home-a reverse mortgage doesn't require the homeowner to make any loan payments. But you CAN make payments towards the balance at any time, and pay it off at any time. It's just optional whether you ever want to make a payment! Learn about the benefits of the Reverse Mortgage, and how the New Reverse Mortgage works: 1)NO monthly mortgage payments, your home is making the payments for you! (but you can pay if you want, if you want to keep a large credit line in reserve for future needs such as Healthcare, in-home care, or just going on a round-the-world cruise, it's your money to use as you please) 2)Requires taxes and insurance to be paid, or the bank can foreclose, exactly the same as a "regular" mortgage 3)Your credit really doesn't matter ! All that is required is you have been paying your taxes and insurance on-time, and that's about it! Even if not, we can very likely STILL get you approved!(It's better if you've been paying on your existing mortgage, if you have one, but if not a deal-breaker, remember our example at the beginning of this book - Mr. Williams was in foreclosure and he got his Reverse Mortgage just fine. It required the lender set up an escrow account so there was enough for taxes and insurance for the next 5 years or so.) 4)Your income hardly matters AT ALL! Only need enough to cover taxes and insurance, and a small amount for maintaining the home. Your Social Security income is probably plenty to qualify, so no worries!5)If your home value goes down, NOTHING HAPPENS! Your Line of Credit will actually continue to grow at the same rate as your interest rate, plus the FHA-mortgage insurance . So if you take out a Reverse Mortgage when values are high(like right now, in September 2020), if values go down, your Line of Credit remains locked-in to the high appraised value"This is information ANYONE considering a Reverse Mortgage should have, in order to make an informed, confident decision.
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The Complete Guide to Reverse Mortgages

For example, two clients, a husband and wife in their mid 80s, felt they would not live long enough to justify the fees of a commercial reverse mortgage.

Author: Tyler Kraemer

Publisher: Simon and Schuster

ISBN: 9781440501029

Category: Business & Economics

Page: 224

View: 354

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A Simon & Schuster eBook. Simon & Schuster has a great book for every reader.
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Is There a Need for Reverse Mortgages in Germany

Building up sufficient capital for old-age provision often is a challenge for private households.

Author: Florian Bartsch

Publisher:

ISBN: OCLC:1262540460

Category:

Page:

View: 193

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Building up sufficient capital for old-age provision often is a challenge for private households. For homeowners, one way to generate old-age income from illiquid housing wealth is the use of equity release products such as home reversion plans or reverse mortgages. However, in Germany the market for reverse mortgages is quasi non-existent. In this policy brief, we provide evidence on the demand- and supply-side reasons for the absence of a reverse mortgage market in Germany, estimate the potential size of and discuss ways how to establish such a market. Using data from financial market expert and household surveys and information from extensive telephone interviews with (former) suppliers of equity release products, we find that uncertainty relating to the homeowner's longevity, moral hazard and adverse selection are the strongest deterrents to reverse mortgage supply. At the same time, the demand-side deterrents are manifold, ranging from product complexity to trust issues and a strong emotional attachment to the home. Estimated market size is very small, but our results suggest that it might grow in the medium term. From a political economy point of view, it might also be worthwhile stimulating the growth of a reverse mortgage market in Germany because it could particularly benefit cash-poor but house-rich households, decreasing old-age poverty.
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Reverse Mortgages

This book examines the changes that have taken place in the marketplace and in the consumers who use reverse mortgages, with a focus on consumer protection concerns.

Author: Meghan Galloway

Publisher: Nova Science Pub Incorporated

ISBN: 1622579658

Category: Business & Economics

Page: 175

View: 154

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A reverse mortgage is a special type of home loan for older homeowners that requires no monthly mortgage payments. Borrowers are still responsible for property taxes and homeowner's insurance. Reverse mortgages allow seniors to access the equity they have built up in their homes now, and defer payments of the loan until they die, sell, or move out of the home. The original purpose envisioned for reverse mortgages was to convert home equity into cash that borrowers could use to help meet expenses in retirement. Borrowers could choose between an income stream for everyday expenses, a line of credit for major expenses (such as home repairs and medical expenses), or a combination of the two. This book examines the changes that have taken place in the marketplace and in the consumers who use reverse mortgages, with a focus on consumer protection concerns.
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Reverse Mortgages and Linked Securities

Highlights specific strategies that will allow institutional investors to benefit from the resurgence of reverse mortgages and linked securities One of the only guides to reverse mortgages and linked securities targeted towards ...

Author: Vishaal B. Bhuyan

Publisher: Wiley

ISBN: 0470584629

Category: Business & Economics

Page: 188

View: 159

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An institutional investor's guide to the burgeoning field of reverse mortgage securitization Reverse Mortgages and Linked Securities is a contributed title comprising many of the leading minds in the Home Equity Conversion Mortgages (HECM) industry, including reverse mortgage lenders, institutional investors, underwriters, attorneys, and regulators. This book begins with a brief history of reverse mortgages, and quickly moves on to discuss how the industry has evolved-detailing the players in these markets as well as the process. It discusses the securitization of reverse mortgages and other linked securities and includes coverage of pricing techniques and risk mitigation. This reliable resource also takes the time to cover the current regulatory environment of the HECM market, which is constantly changing due to the current state of the real estate market. Highlights specific strategies that will allow institutional investors to benefit from the resurgence of reverse mortgages and linked securities One of the only guides to reverse mortgages and linked securities targeted towards institutional investors interested in securitized products If you want to make the most of reverse mortgages and linked securities, take the time to read this book.
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Crs Report for Congress

For borrowers, the most risky reverse mortgage is the term reverse mortgage. Borrowers have been reluctant to enter such mortgages because at the end of the loan term the borrower would likely have to sell .

Author: Congressional Research Service: The Libr

Publisher: BiblioGov

ISBN: 1295255766

Category:

Page: 32

View: 562

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Since the 1970s, parties have sought to create mortgage instruments that would enable elderly homeowners to obtain loans to convert their equity into income, while providing that no repayments would be due for a specified period or, ideally, for the lifetime of the borrower. These instruments have been referred to as reverse mortgages, reverse annuity mortgages, and home equity conversion loans. Reverse mortgages are the opposite of traditional mortgages in the sense that the borrower receives payments from the lender instead of making such payments to the lender. Reverse mortgages are designed to enable elderly homeowners to remain in their homes while using the equity in their homes as a form of income. In general, reverse mortgages may take one of two forms -- term or tenure. Under a term reverse mortgage, the borrower is provided with income for a specified period. Under a tenure reverse mortgage, the borrower is provided with income for as long as he or she continues to occupy the property. For borrowers, the most risky reverse mortgage is the term reverse mortgage. Borrowers have been reluctant to enter such mortgages because at the end of the loan term the borrower would likely have to sell ...
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