HOME | ABOUT US | CONTACT US
YOUR INTERACTIVE MAGAZINE
REALTOR.ORG/realtormag
.


WEB REVIEW

Web Review: Finance
Seniors Can Tap Equity With Reverse Mortgages

AARP helps seniors evaluate income-generating mortgage options.

REVIEWED BY CHRISTOPHER M. LEPORINI

Web Site: AARP Reverse Mortgages
URL: www.aarp.org/revmort

What the Site Offers

The AARP Reverse Mortgages site helps seniors and their families learn about different types of reverse mortgages, estimate how much income the loans will produce, and evaluate alternative income options.

The information comes from a reliable source—a national nonprofit organization that represents the interests of more than 35 million Americans aged 50 and older. The AARP states that it does not endorse any reverse mortgage lender or product and aims to provide unbiased information about the options available to seniors looking to take equity out of their homes. This is a trusted resource that you can refer to your senior clients who may be considering these mortgage options. Seniors should be encouraged to seek the advice of a financial expert to make sure that they understand reverse mortgages’ benefits and consequences.

Valuable Site Features for Your Customers

  • Basics. This section offers a primer on reverse-mortgage fundamentals. Article topics include “Fact Sheet on Reverse Mortgages,” “Basic Loan Features,” and “Loan Types and Costs.” Seniors also can order a free copy of “Home Made Money: A Consumer's Guide to Reverse Mortgages,” a free consumer guide booklet, or download a PDF version online.
  • Glossary of Reverse Mortgage Terms. This reference breaks down all the complicated jargon behind the reverse-mortgage process, defining deferred payment loans, tenure advances, and the 203-b limit, among other terms.
  • Federally Insured Loans.The articles on this page detail the eligibility for a Home Equity Conversion Mortgage (HECM) loan, payment amounts, and how much it costs. The HECM loan is the only reverse mortgage insured by the federal government.
  • Other Choices. This section provides a detailed look at the four options available to seniors who are looking to take equity out of their homes: 1) low-cost public loans from state and local governments; 2) pricier private loans that may be the right option for high-value homes; 3) public benefits, such as supplemental security income and other government benefits, that can help generate income or cut costs for seniors; or 4) if selling a home makes the most financial sense.
  • Key Decisions. This section provides advice on choosing a counselor, selecting a lender, and getting a second opinion before taking out a reverse mortgage loan.
  • Reverse Mortgage Calculator. This calculator provides estimates for two nationally available reverse-mortgage programs. This tool can give your customers a rough idea of how much money a reverse mortgage can generate.

    ________________________

    Suggest a Site For Review
    Every week, REALTOR® Magazine Online's Web review editor surfs the Internet to find sites useful to your business and off-hours lives. Have a favorite real estate Web site that you would like to see reviewed? Send your suggestions to Chris Leporini at mediatech@realtors.org. All decisions on which sites will be reviewed are completely at the discretion of REALTOR® Magazine Online's editorial staff. Please note: this column does not review individual practitioner or brokerage sites.

    The column's focus includes free sites, as well as sites that charge for goods and services, but which still offer a free component of practical, sustained value to real estate practitioners, such as a free newsletter or regular news information.
    ________________________
    REALTOR® Magazine Online's "Web Review" summarizes the content of Web sites that may be of interest to members. NAR and REALTOR® Magazine Online are not responsible for, and nothing in the Web site profile shall constitute NAR's or REALTOR® Magazine Online's endorsement of, the web site, its content, products and services, or its provider. NAR and REALTOR® Magazine Online believe the information contained in this profile was correct and accurate as of the time it was prepared, but do not warrant or guarantee the accuracy or completeness of that information and are not responsible for changes in the Web site. Members should conduct their own independent review of the Web site prior to any use of Web site, its content, products, or services to determine their suitability for the member's intended purpose.

    Back to top