So, what exactly is a reverse mortgage?

As baby boomers reach retirement age and beyond, this question is asked so often, but seldom answered in a straight no-nonsense way that can easily be understood.

A reverse mortgage is a loan given by a bank to the owner of a home. The owner makes no payments on the loan, but can still occupy the property for as long as they want to, or are physically able to do so.

That's simple enough and sounds great, right?

Retired Hollywood stars convince you on TV that a reverse mortgage is absolutely the right thing to do, and everyone should sign up today. But wait… there is much more to find out before making a decision that will affect your financial stability and living arrangements for many years to come. A reverse mortgage is a major financial decision and shouldn't be made until you have all the facts.

As the author of this guide, it is not my goal to convince you one way or another. In fact, after detailed research, my opinion is that reverse mortgages are a very good alternative for some homeowners in certain circumstances, and an extremely poor choice for others. Depending on your particular situation, either extreme could apply, or you could fall somewhere in the middle.

The risk involved arises when seniors act without the knowledge and information they need to make an educated decision. As we know, reverse mortgage products are definitely not the best choice for everyone, but may be a good alternative for others. Take time to study the good features, and the bad. If a premature decision to commit to a reverse mortgage is made, regrets can sometimes follow.

As you proceed through the following pages, hopefully you will find enough information to evaluate your particular set of circumstances, and therefore have the confidence that the decision you made was the best in your circumstance.

In this book you will learn:
1. What a reverse mortgage is.
2. If you qualify for a reverse mortgage.
3. If a reverse mortgage is a good or bad idea in your situation.
…and everything else you need to know if you or someone in your family is considering getting a reverse mortgage.

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