Understanding Reverse - 2016: Answers to Common Questions - Simplifying the New Reverse Mortgage

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 may be the most comprehensive educational tool available on the New Reverse Mortgage. It should be read by baby boomers, retirees, older adults with mortgages, heirs, financial planners, housing counselors, HECM counselors, Realtors, 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.

What's the Deal with Reverse Mortgages?

People entering, nearing, or in retirement are all wondering how they are going to make their retirement nest eggs last as long as they do. Studies show that the main fear that people have in retirement is running out of money. Add to that the reality that the rules for retirement have changed; government regulations have both helped and hindered those who are retiring. For many in the Boomer generation, it will be a challenge to make the money last without having to adhere to an unpleasant budget. To survive and thrive in retirement in the coming years requires new thinking and a clear understanding of the options open to retirees. One of these options is the Home Equity Conversion Mortgage, or what most people know as "reverse mortgages." This advancement was signed into law by President Reagan in 1988 as a way to provide homeowners the opportunity to raise funds from their home equity while continuing to enjoy living in their homes. The concept of reverse mortgages has been misunderstood and misapplied by many since that time and finally a book has arrived that thoroughly explores this concept in a detailed, yet readable manner.