California Reverse Mortgages by your Sacramento Reverse Mortgage Provider

Reverse Mortgage Book Review

by Jeffrey L. Bangerter

October 13th 2008

In his book “Reverse Mortgages Cash for the Rest of Your Life!” the author, Greg Patti –CPA, MBA, CSA, makes some good comments right off the bat, in his note to readers he points out “The Number 1 Questions on the mind of retirees is: Will the money last?”

He goes on to explain that “Reverse mortgages offer a direct answer to that question – and that answer is yes!”

He continues to help readers understand that “Reverse mortgages represent the beginning of a revolutionary, and permanent, change in the home finance industry.

These no-payment loans provide tax-free retirement income that does not have to be repaid for as long as you live in your home.”

I agree with his position that “If you are a senior citizen, the adult child of a senior citizen, or just someone who is planning to retire one day, you owe it to yourself to check out all the options for financing the years ahead.”

His book was published in 2006 and many things have changed like the value of your 401k, IRA or other retirement plans as well as the value of your home, loans available and now the lending limits, but the concepts in his book remain the same.

In Chapter 4 he gives some Realistic Examples and makes a great statement “With a little creativity, a reverse mortgage can be used to solve a number of challenges.”

He then goes on to give you five real-life examples to give you an idea of the power and flexibility of reverse mortgages.

Chapter 2 goes into Loan Types, things have changed quite a bit since he wrote this and the examples of how much money you can get will need to be supplemented by a current reverse mortgage calculator, which we have for you on our web site or you can call us for a more accurate reverse mortgage quote.

All of the reverse mortgage calculators on the internet are estimates and you really do need to get a current quote from a lender if you want the correct numbers.

You should also be aware that interest rates on reverse mortgages are set each Monday night so if you are trying to compare reverse mortgage lenders you will need to get quotes in the same week for a fair comparison.

Talking to Your Adult Children is Chapter 5 and he makes many good suggestions in this area. The media today is loaded with stories about how expensive the reverse mortgage is and I like his comments: “The initial reaction of adult children may be, Yikes! It sounds expensive!

At least, that will be their reaction until they compare a reverse mortgage to the cost of selling your home, then buying or renting a replacement property.”

He continues to bring out the fact that most adult children are positive and end up encouraging their parents to take out the reverse mortgage.

My experience after being involved in several hundred transactions is that once the children and the parents look at all the options the reverse mortgage makes sense.

Once in a while I have been a firsthand witness to the children’s greed and their outright dominance over their parents and forcing the parents to live a meager existence in their final years so the children could enrich their own lives.

It is a sad situation and may in fact be senior abuse, but the elderly parents tend to submit to their children’s whishes even though it is not in the best interest of the parent.

Overall “Reverse Mortgages Cash for the Rest of Your Life” is a good book to help you understand the concepts involved and the process to actually get a reverse mortgage, it is certainly worth the small price you pay for it to gain a much better understanding.

Check out other Reverse Mortgage Books Here…