A reverse mortgage is a loan against your home that you do not have to pay back for as long as you live in your home. With a reverse mortgage, you can turn the value of your home into cash and not have to make monthly repayments. The total loan must be paid back when the last surviving borrower dies, sells the home, or permanently moves away.
Contents
Understanding Reverse Mortgages
1. Overview
2. Unique Features
3. Common Features
Shopping for Reverse Mortgages
4. Options and Alternatives
5. Three Major Types
6. Selecting a Type
7. Loan Calculator
Single-Purpose Reverse Mortgages
8. Low Cost Loans
Federally Insured Reverse Mortgages — HECM Loans
9. HECM Eligibility and Repayment
10. Benefits:
11. Lump Sums and Creditlines
12. Monthly Advances
13. Adding an Annuity
14. Itemized Costs
15. Total Costs
Proprietary Reverse Mortgages
16. Being Careful
17. Sample Comparisons
Comparing Reverse Mortgages
18. Three Questions
19. Summary Comparisons
20. Model Specifications
Reverse Mortgage Borrower Decisions
21. Sharing the Decisions
22. Considering Alternatives
23. Picking a Time
24. Choosing a Lender
25. Selecting an Interest Rate
26. Spending Your Equity
