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Until recently, there were two main ways to get cash from your home: you could sell your home, but then you would have to move; or you could borrow against your home, but then you would have to make monthly loan repayments. Now there is a third way of getting money from your home that does not require you to leave it or to make regular loan repayments. | AARP does not endorse any reverse mortgage lender or product but wants you to have the information you need to make an informed decision about these loans and other less costly alternatives. AARP prohibits any company or individual from inserting a name or attaching any materials to this publication. Home Made Money A Consumer s Guide to Reverse Mortgages Part 1 Introducing Reverse Mortgages 1 Reverse Mortgages 1 Other Home Loans 1 Forward Mortgages 2 Common Features 3 Loan Types and Costs 6 Part 2 The Home Equity Conversion Mortgage 8 Versus Other Reverses 8 HECM Eligibility 8 HECM Benefits 9 HECM Repayment 13 HECM Costs 14 Other Choices 19 Part 3 Other Choices 20 Other Reverse Mortgages 20 Alternatives to Reverse Mortgages 23 Part 4 Key Decisions 27 Sharing the Decisions 27 Selecting a Counselor 28 Considering Alternatives 29 Selecting a Time 30 Selecting an Interest Rate 31 Selecting a Lender 33 Spending Your Equity 34 An online version of this booklet is available at Glossary 38 www.aarp.org revmort. Free single copies are available by Appendix Rising Debt Falling Equity 42 calling 1-800-209-8085. AARP HOME MADE MONEY
