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Tuesday, January 09, 2007
The Reverse Mortgage Advantage
Author: Warren Boroson
About This Book
Consumer Action advises consumers to go slowly when considering reverse mortgages, as there are some bad deals out there. But we recognize that reverse mortgages are helpful for many house-rich, cash-poor seniors. People who do not have heirs and therefore do not have to consider the issues of leaving money to their children or other family members may also benefit from reverse mortgages, because they can draw on the cash value of their home equity to improve their quality of life, keep their home safe and in good repair, or to have money to travel in retirement.
Reverse mortgages can give you money to finance a home improvement, pay off a current mortgage, pay for health care expenses or generate monthly income to improve your cash flow. Thousands of Americans age 62 and older are tapping the equity in their homes to build income during retirement. With reverse mortgages you no longer pay the bank, the bank pays you.
In The Reverse Mortgage Advantage, Warren Boroson, a real estate professional, thoroughly examines the ins and outs of reverse mortgages, dispels myths and outlines the pros and cons of reverse mortgages. With real-life case studies and examples, The Reverse Mortgage Advantage shows you how to:
- Transform a “house-rich, cash-poor” situation into tax-free equity
- Choose between a lump sum, a line of credit, a monthly income, or a combination
- Find a reputable HUD-approved reverse mortgage counselor in your area
- Minimize setup fees and related charges
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