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.


Reverse Mortgage - Mortgage: For Those Twilight Years

Reverse Mortgage * Mortgage: For Those Twilight Years

Mortgage: for those twilight years   

Tracing back, the concept of reverse mortgages began when one good soul, Nelson Haynes of Deering Savings and Loans wanted to help out the widow of his high school football coach.

Today that small act has developed into a popular financing option for the senior citizens. With about 6,000 people turning 62 every day, the market is on an upswing.

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Even as majority Democrats call for the closure of tax loopholes, new exemptions are making their way through the Legislature. The biggest is a proposed 15-month sales tax exemption for data centers.


2004 witnessed a growing number of applications for reverse mortgage. Compared to 2003 which witnessed a rise of 112% in applicants, 2004 had only 109%, yet Home Equity Conversion Mortgage (HECM) grabbed the lion's share with 90% of the pie. This is attributed to the growing awareness especially from the government initiative to educate the senior citizens about the benefits of reverse mortgage. In its early years, Americans were apprehensive about this backward process. They felt that this income getting mortgage has something fishy associated. Some lenders too helped spread rumors because the products did not involve much security to them, especially with the FHA insured HECM.

The concern for seniors has taken the driver's seat on the federal agenda. There have been large scale awareness campaigns, including seminars and workshops .This year the much talked about high loan limits for Fannie Mae's Home Keeper Loan has been raised from $333,700 to $359,650 with a 50% high for Alaska, Hawaii and US Virgin Islands. While HECM have increased its high loan limit to $312,896 from $290,319, subject to geographical area specifications. The lower limit has also been raised amidst much criticism to $172,632 .The purpose of roping in the lower equity home owners into this benefit stands defeated. The prime reason being, the risk involved.

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Social Security Topic Of Chester Library Program (The Progress)
CHESTER – “Social Security: Know the Facts” is the topic at a Senior Lunch n Learn” at noon on Monday, March 8, at the Chester Library.


The reverse mortgage is primarily for the retired citizens above 62. Who have no source of income and who more often than not spend the rest of their lives amidst mounting medical bills. This is one loan which does not check your credit and your salary stubs. You only need to own a house which has no lien attached and you can borrow against its current equity. The best part of the scheme is you don't have to make those monthly payments, rather you get an income. This frees up money for all kinds of uses and is tax free.

Reverse mortgages will become more popular as more and more products are peering in and the rates are making only gradual improvements. This has found a place on every American's long term plans. Last year saw reverse mortgages occupying 3% of the mortgage market that is set to triple in 2005 according to the National Reverse Mortgage Lenders' Association. Our last years will also be a no-compromise deal. Thanks to Reverse Mortgage.

For an in-depth knowledge of mortgage and related issues you can log onto: For reverse mortgage: eligibility: safety in reverse mortgage: payback methods: ways to use: HECM:

Maryann has completed her masters with a specialised paper on mortgage.

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Index of Articles about Reverse Mortgage

What Other Authors say about Reverse Mortgage

Is A Reverse Mortgage for You? by Tabitha Naylor

Any individual who is considering a reverse mortgage has a very important decision to make. Most of the time, an individual who is considering this type of loan is doing so because he or she needs the...

The difference between traditional and reverse mortgages by Ioan Margineanu

Because most people work on hectic programs, they don't have time for vacations and they don't find time to relax properly. Many people prefer to work hard and enjoy years of relaxation once they retire....

Reverse Mortgage Requirements by Don Seibert

Since the Reverse Mortgage for Seniors program is all the rage these days, let's take a look at what is required to qualify for and to obtain a reverse mortgage. In the United States, a person must be...

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...

Mortgage vs. Reverse Mortgage- How do You Put Your Mortgage in Reverse? by John R. Blakefield

Many people look at the process of a mortgage and wonder how exactly do you put your mortgage in reverse?In order to understand a reverse mortgage, let's first investigate at a normal mortgage for a first...

What is a Reverse Mortgage Loan? by Brian Ankner

Reverse mortgages have increased in popularity in the past few years. Economist report that due to the increase in housing cost, the amount of money people are saving in their 401(k) and savings accounts...