Aug

29

AARP Reverse Mortgages

Posted by cameron

August 29, 2007 |

I decided to put together a resource package on the topic of reverse mortgages. Personally I’m not in favor of them but it seems that many people are looking to get cash out of their homes without having to move. AARP have an extensive array of articles on reverse mortgages and this topic shows interest on their bulletin board. It is the one place to go where you are not being marketed. They also have a simple little calculator to see how much of a monthly income you might be able to get in a reverse mortgage. If interested you should also go to the FHA site, which has government information including HECM reverse mortgages. I tried to focus here on non-commercial sources. I hope this helps.

AARP Reverse Mortgage message board

AARP reverse mortgage calculator

AARP explanation of reverse mortgages

Want the largest amount? Then check out HECM

The Federal Trade Commission (FTC) has a good Fact Sheet in their Consumer Protection section. Go here

HUD has a “top ten things to know about reverse mortgages” section. Go here

FHA has a whole section on reverse mortgages. Go here

Even Wikipedia has information on reverse mortgages. Go here

Fanniemae has a 96-page guide in PDF format. You can get it here.

Finally, I found an excellent article at MSN money. As explained in this article there can be downsides to reverse mortgages.

The bottom line here is to be careful. Reverse mortgages have a place in your arsenal of options but the devil may be in the details. It’s your home after all


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