"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"
- from AARP's "Borrowing
Against Your Home"
The best introduction to reverse mortgages
for consumers is provided by AARP.
>> But some of the information
on AARP's site is outdated;
>> many of the most important
pages are hard to find; and
>> the site has so many pages that it can be
difficult to figure out which ones to read,
and the best order in which to read them.
So here is an update and a roadmap to
AARP's website on reverse mortgages.
UPDATE: Some of the information on AARP's "What Are the Costs?" and "Choosing an Interest Rate" pages (see below) is outdated. After you have read them, get more information on current loan costs on this page:
>> How can you compare HECM loan costs?
ROADMAP: Here are the AARP pages to read,
and the best order in which to read them:
5 Questions to Ask Before
Considering a Reverse Mortgage
ALTERNATIVES
o Low-Cost Public Loans
o Public Benefits
o Seriously Consider Selling
BASICS
o How Reverse Mortgages Work
o A "Rising Debt" Loan
o Basic Loan Features
FEDERALLY-INSURED LOANS
o Eligibility and Repayment
o Growing Credit Lines
o Monthly Loan Advances
o What are the Costs?
KEY DECISIONS
o Sharing the Decisions
o Choosing an Interest Rate
o Estimating Leftover Equity
o Spending Your Equity
o Considering Options and Timing
o Choosing a Counselor
o Selecting a Lender