Reverse Mortgages For Dummies

Reverse Mortgages For Dummies

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For seniors who live on a fixed income, owning a homea€”and keeping ita€”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 anythinga€”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 loansa€”and keep the home you love. Covering a full range of reverse mortgage options and topics, youa€™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 loansa€”and what you could do with your reverse mortgagea€”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 youa€™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 familya€™s, security. Reverse Mortgages For Dummies will help you keep your home and live the life you want.... value, and whatever the current interest rates are. Look at Table 3-1 for an example of how your age can work for you in a reverse mortgage. Leta#39;s say our borrower, Nathaniel, owns a home worth $235, 000 in Jenkintown, PA, and owes no outstanding mortgage debt. Hea#39;s choosing a Home Equity Conversion Mortgage (HECM) reverse mortgage product and wants a lump sum, giving him all his moneyanbsp;...

Title:Reverse Mortgages For Dummies
Author:Sarah Glendon Lyons, John E. Lucas
Publisher:John Wiley & Sons - 2011-01-11


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