by Cindy Holcomb
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Product Description
Recent estimates have shown that there are more than 100,000 active reverse mortgages in the United States, and that number is on the rise. Reverse mortgages allow people over the age of 62 to release the equity in their property and defer payments until the homeowner dies. As these mortgages become more and more popular, it is becoming increasingly important for senior citizens to understand the process and the features of this unique loan. The Reverse Mortgage Book does just that, explaining everything you need to know in easy to understand terms. In this new book, you will learn about the details of new legislation, payment plan options, tools that will help you calculate loan advances, financing fees, what to do with leftover equity, borrower qualifications, common mistakes people make, resources for securing reverse mortgages, and planning strategies. You will also learn about the types of reverse mortgages, including the Home Equity Conversion Mortgage, the Financial Freedom Cash Account, and the CHIP Reverse Mortgage for Seniors, and the different ways to receive payments, such as tenure, term, line of credit, modified tenure, and modified terms. In addition, you will learn about the steps involved in a reverse mortgage, from the application to processing, from underwriting to closing. This book also goes into detail about how to convert equity into tax-free income, how to determine how much money you can get, how to determine if your home qualifies, how to shop for the best products, how to find a counselor, how reverse mortgages differ from other loans, and how to minimize setup fees. This book will provide you with the answers to commonly asked questions, such as, Is it possible for me to lose my home? What effect does my age have? What effect will my needs for long-term care have? By reading this book, you will completely understand everything there is to know about reverse mortgages, enabling you to make wise decisions and maintain your financial independence.
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Average Customer Review:
0 of 0 people found the following review helpful:
 A simple explanation for getting money from your house, 2008-10-20
Bailouts, bureaucrats and broken systems. Three causes of the current crises that is sending jitters through America, especially those who were planning a retirement in the near future. Housing is in the dumps and our money may be tied up in a dwelling that seems to lose money daily. But Cindy Holcomb, author of "The Reverse Mortgage Book, seems to have hit upon an option that, if all the rules and regulations are followed, will allow for those over 62, ostensibly the hardest hit in the fixed income arena, to tap money out of their home and salvage a lifestyle that may have been jeopardized by the current state of our economy.
As Ms. Holcomb explains with simple, everyday language in "The Reverse Mortgage Book", by taking a reverse mortgage, the equity that has built in the house is returned to the owner in monthly payments which can be used to supplement a fixed income, provide money for bills, or, in the cases where a parent has become unable to care for themselves, allow a child, with the proper legal wrangling, to secure money to take care of his/her parents.
Along with her simple guidelines and in-depth explanations of the pros and cons of reverse mortgages, Ms. Holcomb has included over 100 pages of reference material that provides extensive contact information for many agencies from all 50 states that deal with reverse mortgages and their derivatives.
By making "The Reverse Mortgage Book" such an accessible reference, Ms. Holcomb has taken much of the mystery from an option that, until a few years ago, many Americans had never heard of. Perhaps she may be interested in coming up with something to help with the rest of the financial mess we seem to be treading in.
RATING:
4 stars
0 of 0 people found the following review helpful:
 Sleeper Information!, 2008-10-08
The Reverse Mortgage Book
Author: Cindy Holcomb
Reviewer: R. Ginger Robinson
There are numerous benefits to growing older apparently with one of those being a reverse mortgage. Unlike a home equity loan, a reverse mortgage can do more than just give you cash; it is cash without the immediate worry of payments. The Reverse Mortgage Book explains everything you need to know in order to put a reverse mortgage in motion in simple terms. Just beginning with the history of a reverse mortgage, I felt this is something that I needed to discuss with my sixty-eight year old Dad. Just sentences into this book, Ms. Holcomb explains that more than just being a mortgage in reverse, this reverse mortgage has many advantages and features that can open up financial freedom for a senior citizen.
Many times I have heard my Dad say that he has paid much into this economy, so to know about viable option for him to experience a little less financial stress in his life is refreshing. The author explained how that this mortgage would allow an individual 62 and older to make the most of the hard work they have placed into their home to pay for their day to day living, or even to splurge and go places they wouldn't have been able to. Now the picture painted wasn't all fairies and daisies, it is explicitly explained that there are fees to a reverse mortgage and that the owner is still responsible for their taxes and insurance. It is also explained how the loan is to be repaid and the advantages and disadvantages of such a mortgage.
As a newcomer to even the mortgage process, this book was found to be very informative, sensitive and insightful on the many issues that may surround a reverse mortgage and the persons desiring to have one. She gave straight forward concise information about the homes that do and do not qualify, state regulations, who to include in this important decision making process, and what to do before, during and after this loan is obtained. The book is packed with information, yet concise and to the point, leaving no stone unturned so that the reader is left with the knowledge to move forward this process.
A loan is a serious matter and the writer never treats it any less than that, warning against neglecting the home once it has been reverse mortgaged, becoming overly frivolous and having a clear idea of what the money is desired for; the maintenance of day to day living, travel, etc. It is also stated, and I believe this is true with any loan, if the person is not comfortable with the lender, find another.
This book is a wonderful resource to be referred to again and again. I comfortable passing on information obtained in this book and referring it others as a must-read. Out of 5 stars, I give this book 5 stars.
0 of 0 people found the following review helpful:
The Reverse Mortgage Book: Everything You Need to Know Explained Simply by Cindy Holcomb, 2008-10-01
This is a must-have book for people looking for a book that will explain the principles and complexities behind the concept of the reverse mortgage. Holcomb writes with clarity and precision: her book is like a diagram the reader can follow to understand one of the more important and less transparent components of finance. This book is great for both people with a background in finance and the everyday consumer looking for an education. Though the book is easy to understand, it is not basic or dumbed down. Instead, it takes complex ideas and breaks them down.
The book's very layout is logical and straightforward. Holcomb opens the piece by explaining the pros and cons of having a mortgage. From here, the book builds its information, moving deftly through complex ideas. The Reverse Mortgage Book: Everything You Need to Know Explained Simply is able to talk not only about the pros and cons of reverse mortgage, but it even takes on Canada's CHIP loan, the country's version of the US's reverse mortgage.
This book shows the reader everything from payment plan options to the actual steps of how to release one's property equity and to defer payments until the homeowner dies, and with more and more people making it past the age of 60, this is a book that is more than relevant.
The best part of Holcomb's book is that she has no agenda: she gets nothing out of whether or not the reader decides to invest in a reverse mortgage, and this shows in the writer's language. When Holcomb speaks about the benefits of reverse mortgage, the result seems honest and true. For the writer to delve into the different kinds of cash disbursement offered to an individual is something personable, something that delves right down into the nitty gritty of the loan. In this day and age, little is transparent, and Holcomb is able to lift the veil of loans to show what lays beneath.
0 of 0 people found the following review helpful:
Simple, useful, 2008-09-22
The Reverse Mortgage Book is an accessible guide for people who are considering a reverse mortgage, or for family members who would like to suggest a reverse mortgage to a senior family member. Reverse mortgages are lines of credit that depend on the available equity in a person's home, their primary residence. There are three major reverse mortgages--Home Equity Conversion Mortgage (HECM), the Fannie Mae Home Keeper Loan, and the Financial Freedom Cash Account--available in the United States, and the Canadian Home Income Plan (CHIP) in Canada. This book outlines each of these loans, how a borrower could qualify and apply for a reverse mortgage, and how the funds could be used, all explained in plain English. The book also includes case studies from lenders and borrowers--admittedly quite favorable toward reverse mortgages--and a directory of counselors by state.
The book is extremely easy to read, even for people who aren't interested in loans or personal finance. It would make a useful reference for people who are researching the reverse mortgage option, supplementing websites and literature, which are also listed in this book in case the Reverse Mortgage Book is the person's first source of information. I would recommend this book for its plain, accessible style, short chapters and clear categorization as a reference to people researching the reverse mortgage option and as a resource to consult prior to and after discussing the reverse mortgage with a qualified counselor.
0 of 0 people found the following review helpful:
Reverse Mortgages, 2008-09-18
Book Review by Adrienne Welch
The Reverse Mortgage Book (Everything You Need to Know Explained Simply)
By Cindy Holcomb
THE REVERSE MORTGAGE BOOK(Everything You Need to Know Explained Simply) lives up to the author's promise. Reverse mortgage - with its advantages and disadvantages--is explained in simple, easy-to-understand terms. Cindy Holcomb presents a side-by-side comparison of a reverse mortgage and a regular mortgage. As the author explains, "A reverse mortgage makes it possible for a person over the age of 62 to use the equity without giving up his or her home." But, she cautions, it's not for everyone.
The book is a handy guide that offers basic information and case studies of actual situations. If you are an elderly home owner or maybe part of what is commonly known as the "sandwich generation" -- people raising their own children while helping an aging parent-- you will appreciate the chapters titled, "Frequently Asked Questions" and "Common Mistakes."
You can use the book to help you make an informed decision about what to do with your mortgage or your parents' mortgage.
Probably one of the most useful features of THE REVERSE MORTGAGE BOOK is the appendix. It has a detailed state-by-state listing of names and contact information for reverse mortgage counselors in the United States and Puerto Rico.
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