The Reverse Mortgage Book: Everything You Need to Know Explained Simply |  | Author: Cindy Holcomb
Publisher: Atlantic Publishing Company (FL)
Category: Book
List Price: $24.95
Buy New: $12.47
as of 9/7/2010 20:03 CDT details
You Save: $12.48 (50%)
New (18) Used (8) from $11.97
Seller: dbrown350
Rating:  8 reviews
Sales Rank: 476,855
Media: Paperback
Pages: 288
Number Of Items: 1
Shipping Weight (lbs): 0.8
Dimensions (in): 8.8 x 6 x 0.8
ISBN: 1601382138
Dewey Decimal Number: 332.722
EAN: 9781601382139
ASIN: 1601382138
Publication Date: September 3, 2008
Availability: Usually ships in 1-2 business days
| |
| Also Available In:
|
| Similar Items:
| |
| Editorial Reviews:
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 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.
|
| Customer Reviews:
Showing reviews 1-5 of 8
 Thorough and Very Helpful September 15, 2008
Mike Hapstein (Jacksonville, FL)
In The Reverse Mortgage Book, Cindy Holcomb does an excellent job explaining the principles and complexities of the reverse mortgage. Holcomb places these complexities and principles in understandable language which those not educated in finance can understand. The book opens by effectively laying out the pros and cons involved in such a mortgage. Holcomb then shows who can best benefit from a reverse mortgage and why.
But, I found the book to be particularly enlightening when Holcomb broke down the various reverse mortgages offered by Fannie Mae. Her classification of these types is very interesting, but more importantly it is essentially to any senior considering a reverse more. And, the book is so thorough that it even has a chapter describing the Canada's CHIP (Canadian Home Income Plan) loan which is the Canadian version of the reverse mortgage. Also, the book describes how one receives their cash disbursements whether through lump sum, credit line, or monthly payments. It also puts forth the advantages and disadvantages of each, and the author does a very good job explaining how payment preference should be situation dependent. In addition, there were some very illuminating chapters which described the step by step process of taking out a reverse mortgage, frequently asked questions, and pitfalls which one should avoid. Here, I thought Holcomb was responsible in emphasizing that a reverse mortgage is not free money and will one day have to be paid off.
All in all, I felt that the book did a great job explaining the reverse mortgage, and it is written in a language which aging seniors can understand. This is important because seniors need to know both the benefits and drawbacks which come with these mortgages.
Sleeper Information! October 8, 2008
Ginger L. Robinson
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.
Retirement without worry! June 29, 2009
wwordwwarrior
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.
 Simple, useful September 22, 2008
Christine (Canada)
1 out of 1 found this review helpful
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.
Reverse Mortgages September 18, 2008
A. Welch
Book Review by Adrienne Welch
The Reverse Mortgage Book (Everything You Need to Know Explained Simply)
By Cindy Holcomb
THE REVERSE MORTGAGE BOOK(Everything You Need to Know Explained Simply) lives up to the author's promise. Reverse mortgage - with its advantages and disadvantages--is explained in simple, easy-to-understand terms. Cindy Holcomb presents a side-by-side comparison of a reverse mortgage and a regular mortgage. As the author explains, "A reverse mortgage makes it possible for a person over the age of 62 to use the equity without giving up his or her home." But, she cautions, it's not for everyone.
The book is a handy guide that offers basic information and case studies of actual situations. If you are an elderly home owner or maybe part of what is commonly known as the "sandwich generation" -- people raising their own children while helping an aging parent-- you will appreciate the chapters titled, "Frequently Asked Questions" and "Common Mistakes."
You can use the book to help you make an informed decision about what to do with your mortgage or your parents' mortgage.
Probably one of the most useful features of THE REVERSE MORTGAGE BOOK is the appendix. It has a detailed state-by-state listing of names and contact information for reverse mortgage counselors in the United States and Puerto Rico.
Showing reviews 1-5 of 8
|
|
|
