A new book written by Scott Gordon, president of Austin, Texas-based lender Open Mortgage, aims to inform prospective reverse mortgage borrowers, their children and others on a bevy of topics in efforts to alleviate the misconceptions associated with these financial tools.
The New Reverse Mortgage – 2015 Edition covers the basics, as well as more advanced topics, on reverse mortgages as they apply to retirement finance, from their origins through their updated guidelines and the most recent rule changes put into effect this year.
“Reverse mortgage laws changed significantly in 2014. Seniors and their baby boomer children cannot rely on older books and articles,” said Gordon in a written statement. “Seniors themselves need to understand this financial tool.
In addition, the baby boomer children of prospective reverse mortgage borrowers, along with estate planners and others involved in the lives of the senior need to understand the tool as well, added Gordon.
To better inform these stakeholders, The New Reverse Mortgage also includes beginner definitions, information on qualifying, as well as all of the steps and process involved with getting a loan.
“Many myths and misconception surround the reverse mortgage space,” said Gordon. “Reverse mortgages were once considered to be a tool of last resort, however, now savvy seniors understand that if they have enough equity in their home, a reverse mortgage financial tool may help them plan for their retirement, live a better quality of life, or pay medical expenses, and assist in quality health care in their home.”
Gordon’s book also includes a section dedicated to advanced strategies people now use with a reverse mortgage.
“These days, there are a number of advanced strategies (using the reverse mortgage) by seniors with income and other assets in order to extend the life of their retirement funds.”
A top-20 reverse mortgage lender, according to August data released by Reverse Market Insight data, Open Mortgage offers Home Equity Conversion Mortgages, conventional mortgages, mortgage refinance, Federal Housing Administration loans, 203K construction loans, Veteran Affairs loans and U.S. Department of Agriculture loans.
The New Reverse Mortgage – 2015 Edition is available via Amazon.com in print and downloadable eBook format for PDF, Kindle and iPad version.
Written by Jason Oliva