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Last Updated: Jul 2nd, 2008 - 21:15:22 |
(NAPSI)-A new book may help seniors gain more from one of their greatest financial assets: their homes.
Many seniors who have trouble making ends meet own their own home but can't access the equity they've accrued unless they sell. The book "The New Reverse Mortgage Formula" (Wiley, $19.95) explains how seniors can live on their home's equity without refinancing and without selling. The key, says author Tom Kelly, is a reverse mortgage.
Reverse mortgages let seniors convert part of their home equity into tax-free income-even if they're still paying on the mortgage. The specialized loans are designed specifically for seniors and let them tap into their home's equity and use the money for any purpose. Kelly says they're safe and legal, and that reverse mortgages do not have to be repaid until the homeowner or an heir sells the home.
Kelly's straightforward, simple guide breaks down all aspects of the reverse mortgage, including:
• Tax ramifications
• Fees and costs
• Smart things to do with the reverse mortgage payout
• How to structure payouts.
For more information, visit www.wiley.com.
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