Synopsis:
It's a jungle out there. TV commercials with celebrity spokesmen make reverse mortgages sound wonderful. On the other hand, there are rumors that it's a scam, too good to be true, the bank will own your home, etc. You just don't know who to believe. Finally, there's a book that cuts through both the positive hype and negative misconceptions. Most books about reverse mortgages are either: 1) Very outdated, with incorrect information 2) Filled with complicated math and graphs 3) Just sales pitches to promote reverse mortgages This "survival guide" has no calculations, detailed analysis, quotes from financial experts, or "happy senior" stories. Just a plain-English explanation about the pros, cons, scams, misconceptions, lenders, options, and major changes that FHA has recently made to the program, including the new 2017 rules. The goal of this book is to educate seniors, their families, and advisors, so that they can make informed decisions. And if they decide that a reverse mortgage is right for them, the information contained within should help them to minimize their costs and maximize their chances for loan approval and long-term success.
About the Author:
Rick Schluter has had a diverse career. His degrees are in physics and mathematics, and he served for six years as an officer in the United States Navy nuclear submarine program. Afterward, he taught nuclear physics for seven years. Twelve years were spent in the commercial nuclear power industry, and eight years in the computer software field. For the past ten years, Rick has been a reverse mortgage specialist, and regards this as his most satisfying occupation. He’s been interviewed on television and radio, quoted in magazines and newspapers, spoken at conferences, and given numerous public presentations about the pros and cons of the reverse mortgage program. Rick considers himself first and foremost an educator, not a salesperson, on this important topic. In his spare time, Rick enjoys teaching chess to children, being a guest lecturer of astronomy and physics at local schools, and volunteering for numerous senior-related causes. A competitive swimmer, he is the current New Jersey State Master’s champion in the 100-yard butterfly. Rick lives in northern New Jersey with his wife and daughters. He can be contacted directly at rick@reverseman.com.
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