Reverse Mortgages for Beginners: A Consumer Guide to Every Homeowner's Retirement Nest Egg
by: Ken Scholen
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Book Description -- This book explains reverse mortgages - "the most popular cash-raising tool for senior homeowners" (The Washington Post). It shows how these new financial products work, how to compare them, where to find them, what to ask, and what look out for. It also provides a variety of information sources for reverse mortgage shoppers, including related alternatives. This book is for homeowners who are retired or planning to retire. Also of interest to attorneys, financial planners, and adult children of aging parents.
From the Publisher -- This book answers the key questions in easy-to-understand language. Some of the questions: What's a reverse mortgage? How's it different? Who can get one? How much cash can you get? How's it paid to you? How much total cash? What happens to your debt? That why it's called "reverse"? When do you pay it back? What do you owe? What's the most you can owe? How do you pay it? What's left? What's the out-of-pocket cost? What are the other costs? What's the total cost? How does the total cost vary? What's that mean? What about taxes?
From the Back Cover -- "Reverse mortgages turn your home into a true retirement nest egg. But the complexity surprises even experienced professional advisors. So what you don't know CAN hurt you. That's why you need objective, detailed information from a reliable source. Get it from a critically-acclaimed authority who's led the only non-profit organization specializing exclusively in this area since 1981.
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About the Author
Ken Scholen founded and directs the National Center for Home Equity Conversion (NCHEC), an independent nonprofit organization established in 1981 to educate consumers on reverse mortgages and related alternatives. Scholen has specialized exclusively in reverse mortgage analysis and consumer information since 1978. He has written critically-acclaimed consumer guides, developed counseling software, constructed developed NCHEC's website (www.reverse.org), and has trained over 5,000 consumer counselors, government officials, professional advisors, and mortgage personnel.
Scholen first proposed federal reverse mortgage insurance in 1980, assisted in drafting the Home Equity Conversion Mortgage insurance statute, and helped HUD design the program. He developed the total loan cost analysis adopted by Congress in amending Truth-in-Lending laws, and advocated the reverse mortgage accounting methods adopted by the U. S. Securities & Exchange Commission. In 1995, he received the Federal Housing Commissioner's Award for his work in the field.
Scholen has been a studio guest on CNBC and "Good Morning America," has appeared on the NBC Nightly News, and has been a featured speaker at AARP's Biennial Convention. In other areas, he has directed a state board on aging, co-founded a statewide senior advocacy coalition, developed an innovative senior housing facility, directed a comprehensive senior services organization, conducted research in city government, and lobbied for six years on child welfare issues. He was a founding board member of United Seniors Health Cooperative (DC) and the Wisconsin Partnership for Housing Development.
Excerpted from Reverse Mortgages for Beginners : A Consumer Guide to Every Homeowner's Retirement Nest Egg by Ken Scholen -- Reverse mortgages have turned your home into a true retirement nest egg. This book will help you make smart decisions about that nest egg. It will help you do your homework before putting your home equity to work.
Excellent! Great intro to reverse mortgages. -- Reverse mortgages allow senior citizens to continue living in their home, while generating a significant amount of cash for living expenses. Author Ken Scholen has put his considerable expertise on reverse mortgages into this basic guide. Whether you're thinking about a reverse mortgage for yourself or for a parent, learn about your options from this objective source, before you hear a banker's sales pitch.
