Consumption and Real Estate
The Reverse Mortgage Book: Everything You Need to Know Explained Simply
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.
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(out of 8 reviews)
List Price: $ 24.95
Price: $ 12.47
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#2 written by Tim Connors 1 year ago
Review by Tim Connors for The Reverse Mortgage Book: Everything You Need to Know Explained Simply
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Bailouts, bureaucrats and broken systems. Three causes of the current crises that is sending jitters through America, especially those who were planning a retirement in the near future. Housing is in the dumps and our money may be tied up in a dwelling that seems to lose money daily. But Cindy Holcomb, author of “The Reverse Mortgage Book, seems to have hit upon an option that, if all the rules and regulations are followed, will allow for those over 62, ostensibly the hardest hit in the fixed income arena, to tap money out of their home and salvage a lifestyle that may have been jeopardized by the current state of our economy.As Ms. Holcomb explains with simple, everyday language in “The Reverse Mortgage Book”, by taking a reverse mortgage, the equity that has built in the house is returned to the owner in monthly payments which can be used to supplement a fixed income, provide money for bills, or, in the cases where a parent has become unable to care for themselves, allow a child, with the proper legal wrangling, to secure money to take care of his/her parents.
Along with her simple guidelines and in-depth explanations of the pros and cons of reverse mortgages, Ms. Holcomb has included over 100 pages of reference material that provides extensive contact information for many agencies from all 50 states that deal with reverse mortgages and their derivatives.
By making “The Reverse Mortgage Book” such an accessible reference, Ms. Holcomb has taken much of the mystery from an option that, until a few years ago, many Americans had never heard of. Perhaps she may be interested in coming up with something to help with the rest of the financial mess we seem to be treading in.
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#3 written by wwordwwarrior 1 year ago
Review by wwordwwarrior for The Reverse Mortgage Book: Everything You Need to Know Explained Simply
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This book is essential if you or someone in your family is considering, or wants to learn more about, a reverse mortgage loan. It walks you through the process from borrowing to repayment in a conversational, easy-to-read format. There are plenty of side-by-side charts and tables that provide excellent illustrations of the ins and outs of the complicated aspects of the process. Additionally, you can read about real life situations that are very helpful for you to see how a reverse mortgage can work for you.The Reverse Mortgage Book provides precise information on each of the types of reverse mortgages that are available. You will find information about the ways in which you can receive your payments, and all of the incumbent fees and costs that may come with this kind of loan are revealed. It outlines how to protect yourself and how you are already protected. Checklists are provided covering all the points to consider before making each decision, such as how to choose a lender.
You will get straightforward advice about how to discuss the ramifications of your decision with those who will be affected, and even a section devoted to the adult children of those considering getting a reverse mortgage. You can find the answers to Frequently Asked Questions, some common mistakes to avoid, and even information about current legislation. At the end, there is an exhaustive section of state-by-state resources for reverse mortgage counselors.
This is a comprehensive guide written in everyday language that all homeowners can understand.
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#4 written by beckyjean 1 year ago
Review by beckyjean for The Reverse Mortgage Book: Everything You Need to Know Explained Simply
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Before reading this book, I had only the most basic idea of what a reverse mortgage is. I knew it was for senior citizens, and I knew it helped them stay in the homes they’d worked hard to own, but that was about all.The book details not only what a reverse mortgage is and how it works, but also offers guidelines for determining whether you qualify for a reverse mortgage, lists of the kinds of documents you’ll need to present to your loan officer, a description of the different ways in which you can elect to receive your money, a step-by-step description of the loan process, and more.
In addition to these practical concerns, it also addresses the “human” element, advising seniors to assemble a “support team” of their own adult children, trusted friends, or even a clergy member, to guide them through the reverse mortgage process. It discusses common misconceptions about reverse mortgage, including many adult children’s fear that a reverse mortgage will eat away at their inheritance (there’s even a chapter written expressly for adult children to read, but I felt it was one of the book’s weak points, coming off as preachy), it suggests that you plan ahead and be prudent once you receive your money, and it makes sure to point out that even if you qualify for a reverse mortgage, there are other financial options that you should look into as well.
Sprinkled throughout the book are Case Studies — interviews the author conducted with “Reverse Mortgage Specialists,” credit counselors, and real people who obtained reverse mortgages. If the book’s good balance of comprehensive information and consideration of the “human” component hadn’t already impressed me, the Case Studies would have done the trick. They are resounding endorsements for reverse mortgage, telling stories of homes — and even lives — that were saved thanks to this lending tool.
The back of the book features a state-by-state listing of “Reverse Mortgage Counselors,” as well as a bibliography, but the body of the book also incorporates lists of frequently-asked questions and even a brief chapter describing legislation that protects borrowers.
If you’re considering a reverse mortgage — or if you’re convinced that a reverse mortgage will rob you of everything you (or your parents) have worked hard for — pick up this easy-to-read book and get the facts.
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#5 written by Christine 1 year ago
Review by Christine for The Reverse Mortgage Book: Everything You Need to Know Explained Simply
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The Reverse Mortgage Book is an accessible guide for people who are considering a reverse mortgage, or for family members who would like to suggest a reverse mortgage to a senior family member. Reverse mortgages are lines of credit that depend on the available equity in a person’s home, their primary residence. There are three major reverse mortgages–Home Equity Conversion Mortgage (HECM), the Fannie Mae Home Keeper Loan, and the Financial Freedom Cash Account–available in the United States, and the Canadian Home Income Plan (CHIP) in Canada. This book outlines each of these loans, how a borrower could qualify and apply for a reverse mortgage, and how the funds could be used, all explained in plain English. The book also includes case studies from lenders and borrowers–admittedly quite favorable toward reverse mortgages–and a directory of counselors by state.The book is extremely easy to read, even for people who aren’t interested in loans or personal finance. It would make a useful reference for people who are researching the reverse mortgage option, supplementing websites and literature, which are also listed in this book in case the Reverse Mortgage Book is the person’s first source of information. I would recommend this book for its plain, accessible style, short chapters and clear categorization as a reference to people researching the reverse mortgage option and as a resource to consult prior to and after discussing the reverse mortgage with a qualified counselor.
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Review by Ginger L. Robinson for The Reverse Mortgage Book: Everything You Need to Know Explained Simply
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The Reverse Mortgage Book
Author: Cindy Holcomb
Reviewer: R. Ginger Robinson
There are numerous benefits to growing older apparently with one of those being a reverse mortgage. Unlike a home equity loan, a reverse mortgage can do more than just give you cash; it is cash without the immediate worry of payments. The Reverse Mortgage Book explains everything you need to know in order to put a reverse mortgage in motion in simple terms. Just beginning with the history of a reverse mortgage, I felt this is something that I needed to discuss with my sixty-eight year old Dad. Just sentences into this book, Ms. Holcomb explains that more than just being a mortgage in reverse, this reverse mortgage has many advantages and features that can open up financial freedom for a senior citizen.
Many times I have heard my Dad say that he has paid much into this economy, so to know about viable option for him to experience a little less financial stress in his life is refreshing. The author explained how that this mortgage would allow an individual 62 and older to make the most of the hard work they have placed into their home to pay for their day to day living, or even to splurge and go places they wouldn’t have been able to. Now the picture painted wasn’t all fairies and daisies, it is explicitly explained that there are fees to a reverse mortgage and that the owner is still responsible for their taxes and insurance. It is also explained how the loan is to be repaid and the advantages and disadvantages of such a mortgage.
As a newcomer to even the mortgage process, this book was found to be very informative, sensitive and insightful on the many issues that may surround a reverse mortgage and the persons desiring to have one. She gave straight forward concise information about the homes that do and do not qualify, state regulations, who to include in this important decision making process, and what to do before, during and after this loan is obtained. The book is packed with information, yet concise and to the point, leaving no stone unturned so that the reader is left with the knowledge to move forward this process.
A loan is a serious matter and the writer never treats it any less than that, warning against neglecting the home once it has been reverse mortgaged, becoming overly frivolous and having a clear idea of what the money is desired for; the maintenance of day to day living, travel, etc. It is also stated, and I believe this is true with any loan, if the person is not comfortable with the lender, find another.
This book is a wonderful resource to be referred to again and again. I comfortable passing on information obtained in this book and referring it others as a must-read. Out of 5 stars, I give this book 5 stars.