Get the pdf version: Reverse Mortgage Loans: Borrowing Against Your Home. This is updated information on reverse mortgages from AARP and replaces “Home Made Money: A Consumer’s Guide to Reverse Mortgages”

Table of Contents

Part 1: Basic Questions 1

Part 2: Introducing Reverse Mortgages 3

Reverse Mortgages 3

Other Home Loans 3

Forward Mortgages 3

Common Features 5

Loan Types and Costs 7

Part 3: The Home Equity Conversion Mortgage (HECM) 8

HECM Versus Other Reverses 8

HECM Eligibility 8

HECM Benefits 9

HECM Repayment 12

HECM Costs 12

Other Choices 17

Part 4: Other Choices 18

Other Reverse Mortgages 18

Alternatives to Reverse Mortgages 21

Part 5: Key Decisions 24

Sharing the Decisions 24

Selecting a Counselor 25

Considering Alternatives 26

Selecting a Time 26

Selecting an Interest Rate 26

Selecting a Lender 28

Spending Your Equity 29

Glossary 33

Appendix: Rising Debt & Falling Equity 36