The New Reverse Mortgage Formula
How to Convert Home Equity into Tax-Free Income
“The book earns an A-plus for valuable content and excellent writing …Bob Bruss, syndicated columnist
Many seniors have trouble making ends meet after retirement. Often their homes are their most valuable asset, but they can’t access the surprising equity they have accrued unless they sell. Even if they could qualify for a home equity loan, most seniors simply do not want to deal with loan payments later in life.
The New Reverse Mortgage Formula (John Wiley & Sons, Inc., Original Paperback: $19.95) explains how reverse mortgages permit seniors to convert part of their home equity into tax-free income, even if they are still paying on the mortgage. Designed specifically for persons 62 years of age and older, these specialized loans can be used for any purpose – including home modifications to enable elders to age in place or offset the rising costs of healthcare.
“This is a new, improved version of the reverse mortgage programs that were introduced several years ago,’’ said the book’s author, Tom Kelly, a nationally syndicated newspaper columnist and talk show host. “The lender no longer shares in the home’s appreciation and seniors can never owe more than the value of their home.’’
Is a Reverse Mortgage Your Best Strategy? Learn the Best Reverse Mortgage Values
According to the Bureau of the Census, senior citizens in the United States have approximately $2 trillion in home equity. The New Reverse Mortgage Formula targets these consumers and their children, the 75 million Baby Boomers, who are now asking financial and lifestyle questions on behalf of their parents and who also will consider a reverse mortgage as a viable solutions in their lives.
“Some people will say reverse mortgages are absolutely too expensive while others will tell you they are the greatest deal on earth. What all the years of talking to seniors about reverse mortgages has taught me is that you can show somebody what something costs, but you cannot tell them what it’s worth to them,’’ said Ken Scholen, who founded the non-profit National Center for Home Equity Conversion in Madison, Wis. in 1981 to better educate consumers on reverse mortgages and other alternatives.
Useful, Essential Reverse Mortgage Information and Step-by-Step Mortgage Advice for Seniors
The New Reverse Mortgage Formula is a straightforward guide that helps seniors and their loved ones understand every aspect of the reverse mortgage process, including:
Tax ramifications of reverse mortgages
Most popular programs, including “jumbo” reverses
Fees and costs for all loans
How much you can borrow
Lump sum, monthly draw, line of credit options and combinations
Many uses of reverse mortgage money
ABOUT TOM KELLY
Tom Kelly is a nationally syndicated newspaper feature writer and radio talk show host. He served The Seattle Times readers for 20 years – several as real estate editor – and his work now appears in The Los Angeles Times, The Houston Chronicle, St. Louis Post Dispatch, The Oakland Tribune, Kansas City Star, The Sacramento Bee, The Tacoma News Tribune, The Reno Gazette-Journal, Louisville Courier-Journal, Des Moines Register plus more than two dozen other newspapers.
He is the co-author of “How a Second Home Can Be Your Best Investment” written with John Tuccillo, former chief economist for the National Association of Realtors.
In 2005, Tom’s award-winning radio show “Real Estate Today” began its 12th year on the CBS affiliate in Seattle and the state’s largest station. The show is syndicated by Business Talk Radio to approximately 40 domestic markets and airs on 450 stations in 160 foreign countries via Armed Forces Radio.
Tom was president of the Santa Clara University class of 1972, graduated with a Bachelor of Arts degree in English Composition and was a three-year letterman in rugby. He and his wife, Jodi, an associate dean and professor at Seattle University, have four children and live on Bainbridge Island, Washington.
The New Reverse Mortgage Formula – Get your SIGNED copy on this site!
