Like all the for dummies books it assumes that you know nothing about the topic and quickly builds up to a reasonable level of understanding. There are four books available through this site, including understanding reverse, and a series of books under the name reverse mortgages made simple understanding reverse 2020 understanding reverse is released each year with fresh updates and edits as the reverse mortgage industry changes. Information on reverse mortgages a dummies guide for. Reverse mortgages for dummies covers all the basics of reverse mortgage products so you and your adult children can understand and take full advantage of. Posted by robert regehr september 24, 2007 may 11, 20 posted in interest rates tags. First, these markets should not be confused with first and second mortgages. A way to receive reverse mortgage proceeds in which the borrower gets access to a line of credit as well as equal monthly payments for. The interest rate can then be adjusted annually, or they may be listed as 31, 51, or 71. Each book has a different focus, and answers the top 20 questions. The realtors guide to reverse mortgages for home purchase. Reverse mortgages for dummies by sarah glendon lyons. Here is a typical list of the documents you need when applying for a. Rather than face the choice of selling your home and moving or becoming a homeowning pauper, reverse mortgage products let seniors convert part of their equity into taxfree income that can be used for anythingeven mortgage payments, living expenses, or medical costs.
Mar 15, 2006 mortgages for dummies definitions posted by robert regehr march 15, 2006 february, 2011 leave a comment on mortgages for dummies definitions if you are a homeowner wanting to take out a 2nd mortgage or a home equity loan, you may want to brush up on mortgage basics. May 17, 2015 tracker mortgages can be for a few short years while others are contracted for life. The most comprehensive guide to starting a business in todays most lucrative and fastestgrowing industry. Dec, 2006 the most comprehensive guide to starting a business in todays most lucrative and fastestgrowing industry. Understand reverse mortgages part of reverse mortgages for dummies cheat sheet people tend to shy away from the very idea of reverse mortgages, in part because of their former bad rap, and in part because of all the scary terminology. The loan is secured against the value of your home until its paid off. Mortgages for dummies by eric tyson overdrive rakuten. Mortgages for dummies, 3rd edition eric tyson, ray brown on. For typical homeowners, the monthly mortgage payment is either. A reverse mortgage allows homeowners to borrow against their homes equity, while still maintaining ownership of the home. Understanding reverse 2020 understanding reverse is released each year with fresh updates and edits as the reverse mortgage industry changes. Mortgage refinancing for dummies consumers advocate.
Once you understand how reverse mortgages differ from other loansand what. Reverse mortgages for dummies lyons, sarah glendon, lucas, john e. Mortgage loan and sales products mortgage sales and. There are four books available through this site, including understanding reverse, and a series of books under the name reverse mortgages made simple. We personally assess every books quality and offer rare, outofprint treasures. Mortgages for dummies isbn 9780470379967 pdf epub ray.
A mortgage is a sustainable form of loaning used by purchasers to raise money to buy the property. Though, by law, a homeowner can never owe more than their homes market value at the time the. With a reverse mortgage, by contrast, the lender sends you money, and your debt grows larger and larger as you keep getting cash advances usually monthly, make no repayment, and interest is added to the loan balance the amount you owe. Primary mortgage lenders deal directly with the public. Find out where to get a mortgage, the different types and how the process works. A new tool for seniors how retired homeowners can avoid running out of money foreclosures of reverse mortgages are different how.
Mortgages for dummies definitions posted by robert regehr march 15, 2006 february, 2011 leave a comment on mortgages for dummies definitions if you are a homeowner wanting to take out a 2nd mortgage or a home equity loan, you may want to brush up on mortgage basics. Branson 2 comments because more borrowers can buy homes and that helps your buyers over the age of 62, it helps your sellers and it helps you. Bill sparkman, the coach sales trainer, coach, motivational speaker and author. Mortgage loan and sales products mortgage and sales books.
So many of the latest changes are mentioned in the book, but it also looks at reverse mortgages in a manner that shows how the product can be used as a valuable addition. Everyday low prices and free delivery on eligible orders. Oct 29, 2014 uk banks seek to offload old mortgage books. If you own or want to own real estate, you need to understand mortgages.
In mortgages for dummies, 3 rd edition, bestselling authors eric tyson and ray brown give you proven solutions for obtaining a mortgage, whether you want to buy your first home, refinance, or tap into your equity. Someone has to fund them because no one will keep the paper on the books without getting pay. Mortgages, banking, taxes, investing, financial planning, credit, paying for tuition commercial mortgages. Published by robert regehr robert regehr is a finance writerr sharing moneysaving mortgage tips at. Most run for 25 years but the term can be shorter or longer.
A number of lenders with legacy mortgages that were written down in value after the financial crisis. I have an undergrad degree in finance and i learned a little bit about reverse mortgages. A reverse mortgage will usually entail high upfront mortgage fees which may be unaffordable to older people. Mortgages for dummies, second edition is intended for anyone who needs a loan.
Often referred to as the retail side of the business, lenders make a profit from loan processing fees, not the interest paid on the loan. All three books in this series are short and easy to read. It is a little tough for the layman to read, however, since it is written more as an academic paper than as a consumer book. A number of lenders with legacy mortgages that were written down in value after the financial crisis are pursuing deals with private equity funds. Free home mortgage guide read online or download pdf ebook. Mortgages for dummies isbn 9780470379967 pdf epub ray brown.
Still, it is very instructive and has very logical recommendations on what is good and bad about reverse mortgages. An unbiased, independent guide to reverse mortgages. Wade pfau reverse mortgage book one reverse mortgage. Reverse mortgages for dummies cheat sheet youve probably heard a lot about reverse mortgages, as they are a popular, safe, simple way to supplement seniors retirement income. Mortgage rates, mortgage rates for dummies, yield spread premium. This delicious tidbit of information can save you big bucks. This short, informative ebook, delivered directly to your email inbox, will help answer your questions about. Another thing to keep in mind is that some mortgage lenders e. Before you arrange your mortgage, make sure you know what you can afford to borrow. Before you get started, you need to understand the benefits and disadvantages of getting a reverse mortgage. The realtors guide to reverse mortgages for home purchase november 18, 2019 by michael g. A way to receive reverse mortgage proceeds in which the borrower gets access to a line of credit as well as equal monthly payments for as long as he or she lives in. Mortgages for dummies, 2nd edition mortgages for dummies, 3rd edition mortgages for dummies the wall street journal guide to understanding personal finance, fourth edition.
To view your free educational ebook, simply fill out the form below. Reverse mortgage educational handbook free reverse mortgage. Reverse mortgage educational handbook free reverse. What book can i read to learn more about mortgages. For decades, the only type of mortgage available was a fixedinterest loan repaid over 30 years. Refinancing your mortgage is essentially replacing your existing mortgage with a new one. Buy mortgages for dummies, third edition 3rd by tyson, eric, brown, ray isbn. Written by sarah lyons, an assistant editor at mortgage originator magazine, and john lucas, an experienced reverse mortgage specialist, reverse mortgages for dummies explains these helpful loan products in simple, easytounderstand language free of all the jargon. Mortgage rates, mortgage rates for dummies, yield spread premium published by robert regehr robert regehr is a finance writerr sharing moneysaving mortgage tips at. New book is guide to all things reverse mortgages in 2017.
A new tool for seniors how retired homeowners can avoid running out of money foreclosures of reverse mortgages are. In the 1980s came adjustable rate mortgages arms, loans with an even lower initial interest rate that adjusts or resets every year for the life of the mortgage. This means you would be on it for the entire term of your mortgage. You get the latest on subprime and adjustablerate mortgages, finding the best lender, avoiding fiscal pitfalls and foreclosure. Also provides learning materials for reverse mortgage brokers and professionals. Recent estimates have shown that there are more than 100,000 active reverse mortgages in the united states, and that number is on the rise.
We are an independent, advertisingsupported comparison service. Mortgages for dummies discusses the difference between conforming and nonconforming mortages. Bill will teach you his stepbystep system to get from hello to where do i sign. They originate loans, that is, they lend money directly to the borrower. About the book understanding the new reverse mortgage. Sep 24, 2007 posted by robert regehr september 24, 2007 may 11, 20 posted in interest rates tags. Reverse mortgages for dummies will help you keep your home and live the life you want. Covering a full range of reverse mortgage options and topics, youll discover how to. One of the most used payments towards housing is called a mortgage. You get the latest on subprime and adjustablerate mortgages, finding the best lender, avoiding fiscal pitfalls and foreclosure, and. Bill sparkmans exclusive selling system is designed to assist new or seasoned salespeople to achieve maximum results, consistent performance, and predictable income.
If you cant keep up your repayments the lender can repossess take back your home and sell it so. As your debt the amount you owe grows larger, your equity that is, your home. It takes you stepbystep through the home mortgage loan process to help you identify the best available options, and find the right lending program for your specific needs. Banks, companies, can put you on to a tracker rate once youve just finished a discounted rate or an introductory fixed. How to do it right2 multiple mortgage prices complicate shopping for the best deal which hecm reverse mortgage best meets your needs planning for a comfortable future at 62 keeping tabs on a hecm reverse mortgage. The amount you can borrow is based on the appraised value of your home, and though interest accrues on the outstanding loan balance, the rates are generally.
Apr 17, 2015 in mortgages for dummies, bestselling authors eric tyson and ray brown give you proven solutions for obtaining a mortgage, whether you want to buy your first home, refinance, or tap into your equity. Thats why reverse mortgages are called rising debt, falling equity loans. Despite these benefits, there are also many disadvantages that need to be taken into account by homeowners considering reverse mortgages. Conventional mortgages that fall within fannie maes and freddie macs loan limits are referred to as conforming mortgages. Download free of charge copies of the following books. One can go to amazon and do a search for reverse mortgage books and find plenty of material on the subject matter, but what makes pfaus book stand out is that it is recent. You get the latest on subprime and adjustablerate mortgages, finding the best lender, avoiding fiscal pitfalls and foreclosure, and much, much.
Finding and arranging the best mortgage for your dream home purchase can be a confusing and daunting experience. Buying a home is the largest purchase youre likely to make. This book answers the most common questions from consumers, but it has also become the. Mortgage loan training and sales products and tools, our training programs and products will help you reach your next level in your business. Because no monthly payments are made with a reverse mortgage, the amount a borrower owes grows larger over time, which is the main reason why banks, building societies and other lenders offer such a financial product. We deliver the joy of reading in 100% recycled packaging with free standard shipping on u. Oct 01, 2008 buy mortgages for dummies, third edition 3rd by tyson, eric, brown, ray isbn.
Handle refinancing and reverse mortgages decide if you should explore these. It offers the stability of regular and relatively low monthly payments. If you decide a reverse mortgage may be the right answer for you, follow some planning tips to help make the loan process easier. Click here to download click here to download click here to download. The entire credit market has been tight for several years now. Learn how to pay off your mortgage in record time and save thousands of dollars in unnecessary interest payments to the bank. Uk banks seek to offload old mortgage books financial times. In mortgages for dummies, 3rd edition, bestselling authors eric tyson and ray brown give you proven solutions for obtaining a mortgage, whether you want to buy your first home, refinance, or tap into your equity. Mortgage lenders give the best interest rates to borrowers with high credit scores 760 to 850 who can make a big down payment 10 to 20 percent source. The pros and cons of a reverse mortgage a reverse mortgage can be a valuable retirement planning tool that can greatly increase retirees income streams by using their largest assets. Free no obligation, reverse mortgage educational ebook. Reverse mortgages for dummies covers all the basics of reverse mortgage products so you and your adult children can understand and take full advantage of these handy loansand keep the home you love. Whether you are refinancing your mortgage to save on interest, switch from a variable to a fixed rate, or release equity from your home, the process of refinancing can be complicated and entail a.
Adjustablerate mortgages arms offer a lowinterest rate for a set period of time. Reverse mortgages for dummies national association of. For seniors who live on a fixed income, owning a homeand keeping itcan be financially challenging. Enter your mobile number or email address below and well send you a link to download the free kindle app. Home equity conversion mortgages hecm by far the most wellknown type of reverse mortgage, these are federally insured by the fha and account for 90% of reverse mortgages in the u. Application fees, monthly service fees and closing costs. Please click on the link and save to your computer. Like all dummies books, there are distinct icons representing things to look out for when reading. In mortgages for dummies, bestselling authors eric tyson and ray brown give you proven solutions for obtaining a mortgage, whether you want to buy your first home, refinance, or tap into your equity. Mortgage management for dummies is a very helpful book. Tracker mortgages can be for a few short years while others are contracted for life. Thriftbooks sells millions of used books at the lowest everyday prices. Once youve downloaded this free pdf ebook guide youll be pleased to find a ton of great content. Unfortunately for most of us, the mortgage field is jammed with jargon and fraught with fiscal pitfalls.
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