The Reverse Mortgage Advantage: The Tax-Free, House Rich Way to Retire Wealthy!

Home >
Browse >
The Reverse Mortgage Advantage: The Tax-Free, House Rich Way to Retire Wealthy!

The Reverse Mortgage Advantage: The Tax-Free, House Rich Way to Retire Wealthy!

Authors: Warren Boroson

Published: June 2006

eISBN: 9780071491136 0071491139 | ISBN: 9780071470728

Contents

Preface

Introduction: A Very Peculiar Mortgage

1 Reverse Mortgages for Total Beginners: A primer for the very nervous

2 Real People Talk about Their Reverse Mortgages: Some call it a godsend; a former banker uses the word “outrageous”

3 Those Scary Stories You May Have Heard: No, a bank won’t end up owning your house

4 How Much Do You Really Know?: This is not an easy test. It is, in fact, darned hard

5 Consider the Interesting Alternatives: How about a home-equity loan … or moving to Mexico?

6 Are You the Perfect Customer?: To start off, you should be 62

7 Where to Get Good, Unbiased Advice: There are good counselors—and better ones

8 Decisions, Decisions: The case for a line of credit

9 Choosing a Mortgage: The HECM: The big daddy of reverse mortgages

10 Choosing a Mortgage: Fannie Mae Home Keeper: Using a reverse mortgage to buy another house

11 Getting a Mortgage: The Jumbo Cash Account: For people with expensive houses

12 Looking for the Right Lender: Wells Fargo or Financial Freedom or Seattle Mortgage or …?

13 Getting a Reverse Mortgage—Step by Step: To start with, write down any questions you have

14 Bringing Down Those High Closing Costs: It’s not easy, but there are ways

15 What to Do with All That Money: Things you must do – and things you might do

16 What Not to Do with Your Money: Be leery of deferred annuities. And life insurance

17 Time to Repay the Loan: You don’t have to sell your house…

18 Advice for the Children of Senior Homeowners: There’s nothing wrong with your wanting an inheritance

Glossary

A

B

C

D

E

F

G

H

I

J

L

M

N

O

P

R

S

T

V

Z

Appendix 1: Assessing Your Home

Appendix 2: Home Modifications

Appendix 3: Helpful Web Sites

Appendix 4: Quotations about Old Age

Appendix 5: A $250,000 Reverse Mortgage

Appendix 6: An $800,000 Reverse Mortgage

Index