(Updated January 2013)
A reverse mortgage can provide cash to homeowners who do not want to move but would like to tap the equity in their home by allowing senior citizens to borrow against the equity, but they can pose risks to homeowners. This page includes articles, books and websites relating to reverse mortgages. Books can be borrowed through the Information Central library by clicking on the book title. (D. McCormick, Operations Analyst)
Qualifications for Reverse Mortgage
Although requirements vary across programs, the following are typical:
- Homeowners must own their home and be at least age 62
- The home must be the permanent residence (occupied for at least half the year)
- The programs typically cannot be used by owners of co-ops or mobile homes
- There must be no outstanding debt secured by the home
- To qualify for the FHA program, the home must be a single-family property, a two-to-four-unit building, or a Federally approved condominium or planned unit development. For Fannie Mae, the home must be a single-family home or condominium
Source: Reverse Mortgages: A Source of Cash, (Healthcare Financial Management, June 1999). Q
Reverse Mortgage General Information
Reverse mortgages don't always work, (USA Today, Sept. 12, 2011).
Design and Testing of Truth in Lending Disclosure for Reverse Mortgages, (Study for Federal Reserve, July 2010).
Alternatives to a Reverse Mortgage, (HouseLogic.com, Sept. 8, 2009).
Biggest Reverse Mortgage Mistakes, (HouseLogic.com, Oct. 1, 2009).
Is a Reverse Mortgage Right for You?, (HouseLogic.com, Aug. 28, 2009).
Don't get stuck in reverse!, (ABA Banking Journal, Aug. 2009). Q
Senior Citizens Offered Free Counseling on Reverse Mortgage by Council on Aging, (Senior Journal, July 31, 2009).
The Pros and Cons of Reverse Mortgages, (Time, July 20, 2009).
Reverse Mortgage Myths, (Credit Union Management, June 2009). Q
Housing Counselors: How to Help People Avoid Reverse Mortgage Missteps, (Federal Trade Commission, June 2009).
Seniors Only: Surviving the economic Crisis with a Reverse Mortgage, (Realty Times, May 26, 2009).
Reverse Mortgages: Get the Facts Before Cashing in on Your Home's Equity, (Federal Trade Commission, Apr. 2009).
Crisis Has Long-Term Reverse Mortgage Impact, (Realty Times, Mar. 24, 2009).
Limits for Reverse Mortgage Pushed to $625M by Stimulus Bill Making More Seniors Eligible, (Senior Journal, Feb. 19, 2009).
Reverse Mortgages Come of Age, (Credit Union Magazine, Jan. 2009). Q
The Future of Reverse, (Mortgage Banking, Jan. 2009). Q
Reverse mortgages can be a costly way to tap home equity, (Consumer Reports, Oct. 2008). Q
Retire on the house, (Kiplinger's Personal Finance Retirement Planning Guide, Fall 2008). Q
Unlocking Your Home Equity, (Fortune, Sept. 1, 2008). Q
Get the Facts Before You Opt for a Reverse Mortgage, (Realty Times, July 11, 2008).
Reverse Mortgage Market: Double is Just the Beginning, (Realty Times, Mar. 25, 2008).
More Senior Citizens Looking for Homes to Help Fund Their Retirement, (Senior Journal, Sept. 10, 2007).
Top Ten Myths About Reverse Mortgages Debunked for Senior Citizens, (Senior Journal, Aug. 9, 2007).
Reverse mortgages can be last reservoir of available cash for seniors, (Columbus Business First, June 29, 2007).
Reverse Mortgages Boom While the Rest of the Industry Swoons, (Realty Times, Apr. 30, 2007).
Reverse Mortgages: A bright financial spot for boomers, (New Mexico Business Weekly, Mar. 9, 2007).
Reverse Mortgages: A Troubled Past, a Promising Future?, (Journal of Financial Planning, Jan. 2006). Q
Reverse Mortgages: Money from the Home for Senior Citizens, (Senior Journal, Aug. 12, 2005).
Retire on the House, (Money, June 2005). Q
Reverse mortgages: Aid for Financially Strapped Seniors, (Realty Times, Jan. 24, 2005).
Seniors offering REALTORS® a lucrative niche, (Realty Times, Feb. 12, 2004).
Reverse Mortgage Organizations
National Reverse Mortgage Lenders Association
1625 Massachusetts Ave., NW
Washington, D.C. 20036
Websites & Contacts
What is a Reverse Mortgage?, (National Reverse Mortgage Lenders Association, 2013).
Reverse Mortgages for Seniors, (U.S. Department of Housing & Urban Development).
AARP: Reverse Mortgage Website, (American Association of Retired Persons).
eBooks & Other Resources
The following eBooks and digital audiobooks are available to NAR members:
The Mortgage Answer Book (Kindle, Adobe eReader)
Reverse Mortgages for Dummies® (Kindle, Adobe eReader)
Books, Videos, Research Reports & More
The resources below are available for loan through Information Central. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Information Central at 800-874-6500 for assistance.
The new reverse mortgage formula: How to convert home equity into tax-free income, (Hoboken, NJ: John Wiley & Sons, 2005). HG 2051 K29
Reverse mortgage handbook: A consumer's guide for senior homeowners, (Kissimmee, FL: Jawbone Publishing Corporation, 2004). HG 2051 B21
Reverse Mortgages for Beginners: A Consumer Guide to Every Homeowner's Retirement Nest Egg, (Apple Valley, MN: National Center for Home Equity Conversion, 1998). HG 2051 Sch6r
Your New Retirement Nest Egg: A Consumer Guide to the New Reverse Mortgages, (Apple Valley, MN: National Center for Home Equity Conversion, 1996). HG 2051 Sch6y
Retirement Income on the House: Cashing in on Your Home with a Reverse Mortgage, (Marshall, MN: National Center for Home Equity Conversion, 1992). HG 2051 Sch6
Housing the Elderly, (New Brunswick, NJ: Rutgers University/Center for Urban Policy Research, 1987). HD 7287.9 R93h
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