Prevent Foreclosures

We briefly talked about reverse mortgage and its benefit in our other posts but some people are still confused about what a reverse mortgage is so I am going to introduce this book called Reverse Mortgages For Dummies that explains a lot of things about reverse mortgages in the simplest terms possible. Bear in mind that there are advantages as well as disadvantages of reverse mortgage so you really need to find out more information on reverse mortgage before you decide to do it for yourself or your family.

For seniors who live on a fixed income, owning a home—and keeping it—can be financially challenging. Rather than face the choice of selling your home and moving or becoming a home-owning pauper, reverse mortgage products let seniors convert part of their equity into tax-free income that can be used for anything—even mortgage payments, living expenses, or medical costs.

Reverse Mortgages For Dummies covers all the basics of reverse mortgage products so you and your adult children can understand and take full advantage of these handy loans—and keep the home you love. Covering a full range of reverse mortgage options and topics, you’ll discover how to:

• Decide if a reverse mortgage is right for you
• Shop for the best reverse mortgage products
• Find out if your home is eligible
• Find a counselor who can help you

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.
From the Back Cover

Fully explains how reverse mortgages work

With special advice for the adult children of seniors

Reverse mortgages are a great way for you to keep your home, even on a retiree’s fixed income. But with so many loan options, where do you start? Relax! This friendly guide covers all the basics so you and your adult children can understand and take advantage of these handy loans — and keep the home you love.

Discover how to

• Decide if a reverse mortgage is right for you
• Shop for the best reverse mortgage products
• Find out if your home is eligible
• Walk through each step of the process with confidence
• Find a counselor who can help you

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. However, many people simply do not understand what a reverse mortgage is or how it works. This book called Reverse Mortgage Book: Everything You Need to Know Explained Simply will explain to you everything you need to know before you get a reverse mortgage. This is a very comprehensive book that will provide you with more information than you need. There are a lot of valuable resources in the book.

Why is reverse mortgage so attractive?

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.