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Home Made Money
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AARP does not endorse any reverse mortgage lender or product, but wants you to have the information you need to make an informed decision about these loans and other, less costly, alternatives. AARP ...

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Home Made Money A Consumers Guide to Reverse Mortgages AARP does not endorse any reverse mortgage lender or product, but wants you to have the information you need to make an informed decision about these loans and other, less costly, alternatives. AARP prohibits any company or individual from inserting a name or attaching any materials to this publication. AARP HOME MADE MONEY| i Home Made Money* A Consumers Guide to Reverse Mortgages Part 1: Introducing Reverse Mortgages 1 Reverse Mortgages 1 Other Home Loans 1 Forward Mortgages 2 Common Features 3 Loan Types and Costs 6 Part 2: The Home Equity Conversion Mortgage 8 Versus Other Reverses 8 HECM Eligibility 8 HECM Benefits 9 HECM Repayment 13 HECM Costs 14 Other Choices 19 Part 3: Other Choices 20 Other Reverse Mortgages 20 Alternatives to Reverse Mortgages 23 Part 4: Key Decisions 27 Sharing the Decisions 27 Selecting a Counselor 28 Considering Alternatives 29 Selecting a Time 30 Selecting an Interest Rate 31 Selecting a Lender 33 Spending Your Equity 34 Glossary 38 Appendix: Rising Debt & Falling Equity 42 *An online version of this booklet is available at www.aarp.org/rev mort/list/ . Free single copies are available by calling 1-800-209-8085. ii | AARP HOME MADE MONEY Printing of this booklet was made possible, in part, with funding from the U. S. Department of Housing and Urban Development. Some of the material in this guide was adapted with permission from publications previously developed by Ken Scholen and published by the National Center for Home Equity Conversion. ©1987, 1990, 1991, 1993, 1995, 1997, 2001, 2003, 2004, 2005 AARP. Reprinting with permission only. AARP HOME MADE MONEY| 1 Part 1: Introducing Reverse Mortgages U ntil recently, there were two main ways to get cash from your home: you could sell your home, but then you would have to move; or you could borrow against your ...
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