The Reverse Mortgage Book: Everything You Need to Know Explained Simply
Filed Under (Article) by Gandhi Prima Satya on 28-05-2010
Tagged Under : Book, Everything, Explained, Know, Mortgage, Need, Reverse, Simply
- ISBN13: 9781601382139
- Condition: NEW
- Notes: Brand New from Publisher. No Remainder Mark.
Product Description
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 Boo… More >>
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.
Rating: 4 / 5
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.
Rating: 5 / 5
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.
RATING:
4 stars
Rating: 4 / 5
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.
Rating: 5 / 5
This is a must-have book for people looking for a book that will explain the principles and complexities behind the concept of the reverse mortgage. Holcomb writes with clarity and precision: her book is like a diagram the reader can follow to understand one of the more important and less transparent components of finance. This book is great for both people with a background in finance and the everyday consumer looking for an education. Though the book is easy to understand, it is not basic or dumbed down. Instead, it takes complex ideas and breaks them down.
The book’s very layout is logical and straightforward. Holcomb opens the piece by explaining the pros and cons of having a mortgage. From here, the book builds its information, moving deftly through complex ideas. The Reverse Mortgage Book: Everything You Need to Know Explained Simply is able to talk not only about the pros and cons of reverse mortgage, but it even takes on Canada’s CHIP loan, the country’s version of the US’s reverse mortgage.
This book shows the reader everything from payment plan options to the actual steps of how to release one’s property equity and to defer payments until the homeowner dies, and with more and more people making it past the age of 60, this is a book that is more than relevant.
The best part of Holcomb’s book is that she has no agenda: she gets nothing out of whether or not the reader decides to invest in a reverse mortgage, and this shows in the writer’s language. When Holcomb speaks about the benefits of reverse mortgage, the result seems honest and true. For the writer to delve into the different kinds of cash disbursement offered to an individual is something personable, something that delves right down into the nitty gritty of the loan. In this day and age, little is transparent, and Holcomb is able to lift the veil of loans to show what lays beneath.
Rating: 4 / 5