Field Guide to Reverse Mortgages
(Updated September 2007)
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, Technical Coordinator)
Contents:
Understanding Reverse Mortgages | Reverse Mortgage Organizations | Useful Websites | Books, eBooks & Other Resources
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
More Senior Citizens Looking for Homes to Help Fund Their Retirement, (Senior Journal, Sept. 10, 2007).
Five Key Questions to Ask When Selecting a Reverse Mortgage Lender, (www.earthtimes.org, Aug. 21, 2007).
Top Ten Myths About Reverse Mortgages Debunked for Senior Citizens, (Senior Journal, Aug. 9, 2007).
HECM loans to increase as baby boomers retire, (Mortgage Banking, July 2007). Q
Reverse mortgages can be last resevoir of available cash for seniors, (Columbus Business First, June 29, 2007).
Moving Forward in Reverse, (Mortgage Banking, June 2007). Q
Nuts and Bolts of Reverse-Mortgage Lending, (Mortgage Banking, May 2007). Q
Reverse Mortgages Boom While the Rest of the Industry Swoons, (Realty Times, Apr. 30, 2007).
Rise in reverse mortgages fuels discussion on effects, (St. Louis Business Journal, Apr. 27, 2007).
Reverse mortgage sales soar, (Puget Sound Business Journal, Apr. 13, 2007).
Reverse mortgages are good choice for some, but not for everyone, (East Bay Business Times, Mar. 16, 2007).
Reverse Mortgages: A bright financial spot for boomers, (New Mexico Business Weekly, Mar. 9, 2007).
Pumping Up Your Reverse Mortgage: New 'jumbos' are giving retirees the cash they need to stay in their houses, (Business Week, Feb. 5, 2007). Q
Making Your House Pay in Retirement; Reverse Mortgages Turn Home Equity Into Income, and Costs -- a Big Drawback -- Are Coming Down, (Wall Street Journal, Dec. 27, 2006). Q
Home & Family: Go Figure / Reversing the Mortgage, (Wall Street Journal, Nov. 2, 2006). Q
Stay Home, Make Money, (Wall Street Journal, Apr. 2006). Q
Reverse Mortgages: A Troubled Past, a Promising Future?, (Journal of Financial Planning, Jan. 2006). Q
Reverse Mortgages - Is One Right for You?, (State of California-Department of Real Estate, Jan. 10, 2006).
Reverse Mortgages: Money from the Home for Senior Citizens, (Senior Journal, Aug. 12, 2005).
Turning Homes into Banks, (Mortgage Banking, Aug. 2005). Q
New mortgage options can help when chosen wisely, (Jacksonville Business Journal, July 29, 2005).
Retire on the House, (Money, June 2005). Q
Reverse Mortgages: Get the Facts Before Cashing in on Your Home's Equity, (Federal Trade Commission, June 2005).
Reverse mortgage: Measure the perils with the benefits, (Nashville Business Journal, Mar. 11, 2005).
Reverse mortgages are gaining momentum, (Buffalo Business First, Feb. 14, 2005).
About Reverse Mortgages, (www.reversemortgage.org).
Reverse mortgages: Aid for Financially Strapped Seniors, (Realty Times, Jan. 24, 2005).
The miracle mortgage, (Austin Business Journal, Jan. 21, 2005).
What boomers should know about reverse mortgages for mom and dad, (National Underwriter, Life & Health, May 24, 2004). Q
Cash in your house?, (Kiplinger's Personal Finance, Apr. 2004). Q
Seniors offering REALTORS® a lucrative niche, (Realty Times, Feb. 12, 2004).
National Center for Home Equity Conversion
360 N. Robert, #403
Saint Paul, MN 55101
Tel. 651/222-6775
http://www.reverse.org
National Reverse Mortgage Lenders Association
1625 Massachusetts Ave., NW
Washington, DC 20036
Tel. 202/939-1760
FREE copy of "Just the FAQs: Answers to Common Questions About Reverse Mortgages
http://www.reversemortgage.org
Websites & Contacts
What is a Reverse Mortgage?, (National Reverse Mortgage Lenders Association, 2007).
Reverse Mortgages for Seniors, (U.S. Department of Housing & Urban Development).
AARP: Reverse Mortgage Website, (American Association of Retired Persons).
eBooks & Other Resources
eBooks.realtor.org
The following ebooks and digital audiobooks are available to NAR members:
Reverse Mortgages for Dummies® (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
Big spenders reversing a long-standing trend, baby boomers are likely to continue spending as they enter their mid 50's and 60's, (American Demographics, Sep. 2001, p. 30-31).
Service offers help on reverse exchanges, (Real Estate Tax Ideas, Apr. 2001, p. 3-4).
Finally: an "approved" process for reverse exchanges, (Real Estate Issues, Spring 2001, p. 23-30).
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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Field Guide to Getting a Mortgage
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