Reverse Mortgages

In this easy-to-understand book, HomeEquity Bank CEO Steven Ranson and Executive Vice President Yvonne Ziomecki discuss the ins and outs of reverse mortgages and how they can provide Canadians 55+ with a secure retirement.

If you are a financial professional working with retirees or if you are a retiree overseeing your own retirement spending, this book is for you. What's The Deal With Reverse Mortgages? explains in simple language how to safely and effectively include the home in retirement planning.

Reverse mortgages have been surrounded by negativity. They were often mentioned alongside phrases like "last resort," "out of money," and "bad choice." In 2014, intrigued by the seemingly universal bad rap reverse mortgages had cultivated, Dr. Wade Pfau began researching them in depth. Over the course of the next year, he came to the conclusion that reverse mortgages aren't inherently a bad idea, though they are often misunderstood and not used in a most beneficial way. In fact, Dr. Pfau realized that reverse mortgages---when used correctly---can provide an added layer of security for retirees and allow them to enjoy retirement more by gaining liquidity from an illiquid asset. This second edition of the book is fully revised and updated for the modification of reverse mortgage rules affecting applications after October 2, 2017.

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.

Get the most from your home! Until recently, there were only two main ways you could get cash from your home: sell it or borrow against it and make monthly loan repayments. Reverse mortgages offer a third way of getting money from your home. If you are a homeowner, age 62 and older, you are eligible to apply for a reverse mortgage loan that converts your home equity into a tax-free income. With The Complete Guide to Reverse Mortgages, you’ll learn all you need to know to earn the supplemental income you need, without worrying about: • Having to sell your home • Giving up your title • Taking on a new monthly mortgage payment This invaluable guide explains everything you need to know about reverse mortgages and how to use them to your advantage. With practicing attorneys Tammy Kraemer and Tyler Kraemer leading the way, you will learn the step-by-step process to getting a reverse mortgage and making the best of your retirement!

An institutional investor's guide to the burgeoning field of reverse mortgage securitization Reverse Mortgages and Linked Securities is a contributed title comprising many of the leading minds in the Home Equity Conversion Mortgages (HECM) industry, including reverse mortgage lenders, institutional investors, underwriters, attorneys, and regulators. This book begins with a brief history of reverse mortgages, and quickly moves on to discuss how the industry has evolved-detailing the players in these markets as well as the process. It discusses the securitization of reverse mortgages and other linked securities and includes coverage of pricing techniques and risk mitigation. This reliable resource also takes the time to cover the current regulatory environment of the HECM market, which is constantly changing due to the current state of the real estate market. Highlights specific strategies that will allow institutional investors to benefit from the resurgence of reverse mortgages and linked securities One of the only guides to reverse mortgages and linked securities targeted towards institutional investors interested in securitized products If you want to make the most of reverse mortgages and linked securities, take the time to read this book.

For most Canadians, their home is their single largest financial asset, but few realize its significance in their financial or retirement planning. As a result many people face the "age-in-place or sell-the-place" dilemma— whether to live house-rich and cash-poor, or to sell the house and convert home equity into investments, travel, or income. But there are more choices than that.... Today's marketplace offers many options for tapping into home equity, and Have your Home and Money Too is the indispensable guide to putting your real estate to work for you and your future. This easy-to-read "portable counsellor": Clarifies a wide range of housing and financial options, including: selling and buying, reverse mortgages, deferral and sale plans, home-based businesses, renting out part of your house, and much more. Reveals the ins-and-outs of contracts and selecting good advisers. Explains why a reverse mortgage can be your best friend or your worst enemy. Have Your Home and Money Too is the definitive guide to reverse mortgages: what they are, whether they're right for you, what to beware of, what alternatives you have, and more. Includes many checklists, examples, and Q&As to guide the reader through the decision-making process.

Reverse mortgages -- a type of loan against the borrower's home that is available to seniors -- are growing in popularity. However, concerns have emerged about the adequacy of consumer protections for this product. Most reverse mortgages are made under the HUD Home Equity Conversion Mortgage (HECM) program. HUD insures the mortgages, which are made by private lenders, and oversees the agencies that provide counseling to prospective HECM borrowers. This report examines issues and federal activities related to: (1) the potential benefits and costs of HECMs to borrowers; (2) misleading HECM marketing; (3) the sale of potentially unsuitable products in conjunction with HECMs; and (4) oversight of HECM counseling providers. Illus.