Reverse Mortgage
The Complete Guide to Reverse Mortgages: Turn Your Home Equity into Instant Income!
by Tyler Kraemer

This book was so helpful in informing myself and my parents as to the options available for them. It was easy to read and easy to understand. It gave many helpful hints and helped us figure out if a reverse mortgage was approriate for them.

It is essential if you or someone in your family is considering, or wants to learn more about, a reverse mortgage loan. It walks you through the process from borrowing to repayment in a conversational, easy-to-read format. You can read about real life situations that are very helpful for you to see how a reverse mortgage can work for you.

The book provides precise information on each of the types of reverse mortgages that are available. You will find information about the ways in which you can receive your payments, and all of the incumbent fees and costs that may come with this kind of loan are revealed. It outlines how to protect yourself and how you are already protected. Checklists are provided covering all the points to consider before making each decision, such as how to choose a lender.




Angella Conrard

Your parents have always been thrifty. They helped you through college and were very careful about saving for retirement, but lately you notice that they aren't going out very often, they are very careful when they shop, they often complain about the high cost of fuel or their utility bills?

Your parents are not alone. Even some of the best laid plans can come up short. With medical costs rising in the double digits, exponential rising fuel costs and lower returns on investments, their nest egg might be coming up short.

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This Mortgage Works In Reverse (The Fredericksburg Free Lance-Star)
Gary Onks answered more than 30 questions about what reverse mortgages are and how they work during Tuesday's Money Talk$. He is the regional branch manager of Reverse Mortgage USA in Spotsylvania County....


Our parents have traditionally relied on a three component retirement plan: Social Security, pension and savings. Your parent's average Social Security check is $1,002. You've read it in the news, you've seen it on sixty minutes, pension plans are under funded and benefits are being cut. That leaves your parents with their nest egg to retire on. It may be enough now. They are getting by with a few hundred dollars here and there from you and your siblings but what about as they get older? Are they pinching penny's and still do not have quality of life? Money for travel? Extras? What if they need in home care? A couple of hundred dollars might pay for someone to come in for a three or four days. Then what?
A reverse mortgage may be the answer. If you haven't heard of them, your parents have. They are being inundated with advertisements in the mail for them every week. These loans are increasing in volume every month. So why doesn't anyone know about them? They haven't hit the mainstream yet, but they will. Reverse mortgages are a special type of loan strictly for senior citizens. In the past they have had a bad reputation because in the early years of introduction there were predatory lending practices that occurred and many senior signed over a portion of the equity in their homes, "equity sharing programs". Well thanks to the federal government reverse mortgages have been cleaned up. They are federally insured and heavily federally regulated. Reverse mortgages have turned into an empowering financial tool for seniors that can make the difference in whether or not a senior has to work part-time at Wal-Mart to make ends meet or live comfortably in their retirement years.
Here's how they work. To attain a reverse mortgage you must be 62 years old or older. They are very similar to an equity loan except that there are NO PAYMENTS for the life of the loan. The senior qualifies of a percentage of their equity to be turned into cash. The amounts of their proceeds are based upon the senior's age, the value of their home and their homes location. If there is a first mortgage on the home this must be paid out of the proceeds. Paying off the mortgage in itself is often times a substantial increase of cash flow each month for a senior. Can you imagine if you didn't ever have to make another house payment?

These loans are exceptionally flexible and safe. Before a senior can even submit a loan application they must attend an independent counseling session paid for by the federal government to insure that they understand the loan completely. This counseling session is independent from the lender and the originator and has no cost to the senior. And did I mention that these loans have NO OUT OF POCKET COSTS and NO PAYMENTS FOR THE LIFE OF THE LOAN! Reverse mortgages also have no credit requirements. The senior can take the proceeds in a number of ways. They can set up a line of credit that they can draw on as needed. The credit line grows at the same rate as the loan if unused and does not count as loan principle until used. They can receive a lump sum of cash up front at closing; they can set up a guaranteed monthly tenure payment for life, or a combination of these.

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SOCIAL SECURITY: Retirement Age Varies (Asbury Park Press)
Q: What is "full retirement age" and what happens if I apply for Social Security benefits before then?


One of our clients, a very active woman of eighty did part time catering to make ends meet. After she refinanced with a reverse mortgage, she paid off her first mortgage, she set up a credit line of $25,000.00 that she can draw from at anytime; she took $25,000.00 at closing and set up a guaranteed tenure payment of $1000.00 per month for the rest of her life. Formally she worked part time and worried. Presently, she travels, gets massages and has peace of mind.

Reverse mortgages have changed and make financial sense. If your parents need money for quality of life either for things they want or things they need. Reverse mortgages may be the answer. Call me and get the facts about how a reverse mortgages can help the senior in your life.
Angella Conrard, Reverse Mortgage Advisor


Angella is licensed by the California Board of Real Estate. She is designated as a Reverse Mortgage Specialist and is held to the highest standards by the National Reverse Mortgage Lenders' Association. She offers all qualified reverse mortgage programs on the market.

Angella is a university of Wisconsin graduate with over 20 years of business experience, most of those as a business owner. She is the president of the OC National Aging in Place Council.

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Index of Articles about Reverse Mortgage

What Other Authors say about Reverse Mortgage

Reverse Mortgages Can Benefit Elderly by Search for classes

Reverse mortgages are available through lenders insured by the federal government and can be of great benefit to those who are eligible to apply. There are three types of reverse mortgages currently available...

Reverse Mortgage Calculator by Troy Shellhammer

Most seniors who are interested in learning more about the Reverse Mortgage process will often use a Reverse Mortgage Calculator. Most online reverse mortgage calculators require the current value of the...

Feel free with reverse mortgage loan by Antonio Redford

Life is all about taking the right decisions and making the apt planning. In fact, we all must realize one fact that while we earn our bread and butter, we should try to make the right decisions, so that...

Reverse Mortgages, Getting a Good Deal In 3 Easy Steps! by Vincent Dail

Reverse Mortgages, Most Common Features:A reverse mortgage is a special type of loan that seniors can sometimes get to convert the equity in their homes to cash.Many reverse mortgages offer special appeal...

The Truth About Reverse Mortgages by Ruben Soliman

When looking into reverse mortgage options, it can be hard to decipher between fact and myth. It is important to understand the aspects of the program to make sure that it is right for you and your situation.Simply,...

Reverse Mortgage Information - Who Qualifies For Reverse Mortgages by Charles & Susan Truett

Reverse mortgages can be a great solution for seniors who wish to remain in their home but are having difficulty making their monthly payments and meeting other financial obligations. If you are over age...

Creating Consider with Reverse Mortgages- A history lesson and paradigm shift by Angella Conrard

Who ever thought that it would make sense to get a mortgage that would decrease your home equity? Well in certain instances it does. Lending philosophies have changed over history and they will continue...