Get the most from your home!
Until recently, there were only two main ways you could get cash from your home: sell it or borrow against it and make monthly loan repayments. Reverse mortgages offer a third way of getting money from your home. If you are a homeowner, age 62 and older, you are eligible to apply for a reverse mortgage loan that converts your home equity into a tax-free income.
With The Complete Guide to Reverse Mortgages, you’ll learn all you need to know to earn the supplemental income you need, without worrying about:
• Having to sell your home
• Giving up your title
• Taking on a new monthly mortgage payment
This invaluable guide explains everything you need to know about reverse mortgages and how to use them to your advantage. With practicing attorneys Tammy Kraemer and Tyler Kraemer leading the way, you will learn the step-by-step process to getting a reverse mortgage and making the best of your retirement!
ISBN-13: 9781598692150
Media Type: Paperback
Publisher: Adams Media
Publication Date: 09-01-2007
Pages: 224
Product Dimensions: 5.50(w) x 8.50(h) x 0.60(d)
Table of Contents
Introduction ix
The ABCs of Reverse Mortgages 1
The Reverse Mortgage Story 2
Reverse Mortgage Basics 12
Considering the Options 27
Home Equity Conversion Mortgages 28
Fannie Mae Home Keeper Mortgage 42
Financial Freedom Cash Account Advantage Plan 55
Personal Planning 65
Health Care, Long-Term Care, and Government Benefits 66
Alternatives to a Reverse Mortgage 78
What Is a Reverse Mortgage Worth to Me? 93
Making It Happen 107
The Reverse Mortgage Team 108
Choosing the Right Loan and Other Decisions 119
Demystifying the Approval Process 138
Other Important Considerations 151
Closing and Managing a Reverse Mortgage 152
Special Circumstances and Considerations 162
Loan Comparison Worksheets 175
Loan-Specific Worksheets 199
Resources 207
Glossary 215
Index 235
About the Authors 244
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