News Articles – Other Reverse Mortgage Sources

Latest Reverse Mortgage News Stories

Washington Post - House-Rich, Cash-Poor? Reverse Mortgage Can Be Forward Thinking – 03/13/04
http://www.washingtonpost.com/wp-dyn/articles/A53724-2004Mar12.html

“Many recently retired homeowners suddenly found themselves with a house free and clear of debt, but with little or no savings with which to enjoy life after retirement. In popular terms, these homeowners were house-rich but cash-poor.”
Benny L. Kass - is a Washington lawyer.
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Monterey County Herald – The Options of a Reverse Mortgage – 12/11/2003
http://www.montereyherald.com/mld/mcherald/7466834.htm

“The advantages are obvious -- you can get a substantial, tax-free increase in your monthly income for the rest of your life to do with as you please.”
Kenneth B. Petersen, CFP, EA, MBA, AIFA- Financial Planning.
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ABC News Article - Reverse Mortgages Pay You - 11/08/2002
http://abcnews.go.com/Business/story?id=86874&page=1

“The amount you receive is dependent on where in the country you live and how old you are. You must be 62 years old or older to apply — and the older you are, the more money you can get back.”
ABCNEWS - Barbara Friedman
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CBS News Article – Reverse Mortgages Gain Popularity - 01/01/2003
http://www.cbsnews.com/stories/2003/01/01/national/main534932.shtml

“Today, reverse mortgages are increasingly a salvation for seniors with mounting health and retirement incomes that have fallen in tandem with the stock market and interest rates.”
By Janelle Carter - The Associated Press
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USA Today News Article – Reverse Mortgages Can Be A Blessing - 08/01/2003
http://www.usatoday.com/money/perfi/housing/2003-07-31-reverse_x.htm

“Analysts say the market has been helped by record low interest rates and rising home values.”
By Sandra Block, USA TODAY
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FOX News – Reverse Mortgages Can Really Help Seniors - 05/23/2003
http://www.foxnews.com/story/0,2933,87671,00.html

“If you're a senior citizen who has equity built up in your home, there's no reason to do without. I'm sure your kids would be happier if you used some of that appreciation to make your life more comfortable.”
By Gail Buckner, CFP
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MSN Money Central – Put your Home’s Equity to work for you
http://moneycentral.msn.com/content/Retirementandwills/Retireinstyle/P34814.asp

“The beauty of the reverse mortgage is that you don't have to have substantial income to qualify. You just need equity in the home.”
By Ginger Applegarth - Boston Stock Exchange Reporter
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Consumer Union – Non Profit Publisher of Consumer Reports
http://www.consumersunion.org/finance/revconwc899.htm

“If you currently receive or expect to be eligible for any "need based" benefits such as Medicaid, Medi-Cal, or Supplemental Social Security Income (SSI), Reverse Mortgage payments will have to be structured so that monthly payments will be spent within the month they are received. If not, such payments will be considered "income," and may make you ineligible for public benefits. You should contact your benefits provider to ask about how a Reverse Mortgage may affect your eligibility.”

Reverse Mortgage Consumer Tip Sheet
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Mortgages for Dummies - Digging into Reverse Mortgage Basics
http://www.dummies.com/WileyCDA/DummiesArticle/id-1109.html

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Federal Trade Commission – Info on Reverse Mortgages
http://www.ftc.gov/bcp/conline/pubs/homes/rms.htm
“If you're considering a reverse mortgage, it's important to understand how the loans work and what your rights and responsibilities are.”
By Federal Trade Commission
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HUD Reverse Mortgages for Seniors
http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm

“Top Ten Things to Know if You're Interested in a Reverse Mortgage - information direct from HUD”
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Fannie Mae – Reverse Mortgage Information
http://www.fanniemae.com/homebuyers/findamortgage/reverse/index.jhtml?p=Find%2Ba%2BMortgage

Fannie Mae – Understanding Reverse Mortgages for Seniors
http://www.fanniemae.com/homebuyers/findamortgage/reverse/understanding.jhtml?p=Find+a+Mortgage&s=Reverse+Mortgages+for+Seniors&t=Understanding+Reverse+Mortgages+for+Seniors

Fannie Mae – Qualifing for a Reverse Mortgage
http://www.fanniemae.com/homebuyers/findamortgage/reverse/qualifying.jhtml?p=Find+a+Mortgage&s=Reverse+Mortgages+for+Seniors&t=Qualifying+for+a+Reverse+Mortgage

HECM Resources -Requesting a Referal for Reverse Mortgage Counseling
http://www.hecmresources.org/requests.cfm

TOOLS

HUD Approved Counseling Agencies
http://www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm

Search your area for a HUD approved HECM Reverse Mortgage counselor near you
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HUD FHA Approved Condominium Projects
https://entp.hud.gov/idapp/html/condlook.cfm

Search and find out if your condominium is FHA approved – if it is not on the list there may still be a way to obtain a reverse mortgage.
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HUD FHA Mortgage Lending Limits
https://entp.hud.gov/idapp/html/hicostlook.cfm

Search and find out how much the FHA Lending Limits are in your area.

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Reverse Mortgage Publications

AARP Home Made Money
http://assets.aarp.org/www.aarp.org_/articles/revmort/homeMadeMoney.pdf

Fannie Mae – Money From Home
http://www.fanniemae.com/global/pdf/homebuyers/moneyfromhome.pdf;jsessionid=D5RSQDXCZ42STJ2FECISFGNHQUQI4IV5