What is a Reverse Mortgage and why should you care?
A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. The equity built up over years of home mortgage payments can be paid out to you in monthly payments over an extended period of time.
What? A loan that PAYS me?
Reverse Mortgages are increasingly popular in America. Many seniors use it to supplement social security, meet unexpected medical expenses, make home improvements, and more.
Since this is a very interesting option for many seniors a lot of scams are popping up in search of uninformed and trusting victims. This lens strives to provide trustworthy sources of useful information.
Reverse Mortgage Calculator
Answer 4 easy questions to get an estimate of how much cash you could get out of your home's equity.Access the calculator on the website of the AARP, here:
Reverse Mortgage Calculator
More Reverse Mortgage Information
Helpful resources for your homework
Start your research on everything you need to know about reverse mortgages on these reputable websites. You may have to dig a little to find the information you need, but it is important to get all the facts before making such an profound decision.
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AARP Reverse Mortgages
The American Association of Retired Persons explai more...0 points
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AARP Webplace | Reverse Mortgages | Loan Calculator
Use the AARP calculator to compute your estimated more...0 points
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National Center for Home Equity Conversion
Independent nonprofit organization established in more...0 points
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Reverse Mortgages for Seniors - HUD
Reverse mortgages are a special type of home loan more...0 points
HUD News
Fetching RSS feed... please stand byReverse Mortgages for Dummies
Get tips on requirements, fees, limits and more
Reverse Mortgages For Dummies
Amazon Price: $3.99 (as of 02/16/2012)
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.
Reader Feedback
Thanks for visiting the Reverse Mortgage Information lens.
I'd welcome your questions, comments and suggestions, or even just a quick "hello".
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cmoneyspinner
Feb 3, 2012 @ 5:45 pm | delete
- You state that no repayment is required until the borrower(s) no longer use the home as their principal residence. So if the borrower dies, obviously the home will no longer be their principal residence … and if the borrower had children … WHO GETS THE HOUSE?
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Squidster
Feb 4, 2012 @ 5:25 pm | delete
- The loan will have to be paid off when the borrower dies. If there is equity left then it will become part of the estate.
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mortgageeducation
Nov 18, 2011 @ 4:36 pm | delete
- Reverse mortgage information is very helpful. Many people have misconceptions about it. My advice is read and get educated about it because it is a great program for the right circumstances.
Maryland Mortgage Lender
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LindaBJeter
Jun 21, 2011 @ 12:09 am | delete
- Nice lens, sharing information about reverse mortgage is really great to know.
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Jul 25, 2009 @ 5:53 pm | delete
- Really great lens, I found it very informative as well as insightful. There are numerous types of mortgages; I recommend thorough research before entering into any agreement with a mortgage company.
I recommend for those of you who are keen on finding mortgage endowment agreements to check out my site Cheap Insurance Life Policy, it contains all the information you need.
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