Senior Connections

Farmingdale Public Library

Newsletter Topic of the Month

January – February 2013

What is a Reverse Mortgage and is it Right for You?
Numerous advertisements are now playing on television concerning Reverse Mortgages. If you are 62 or older you may qualify for a federally insured loan and receive monthly payments with your home as equity, sounds like a good idea, but is it right for me?  Serious consideration should be given before you decide on a Reverse Mortgage.  How do I qualify? Can I remain in my home and for how long?  What is the difference between a Reverse Mortgage loan and a home equity loan?  What happens to my surviving spouse?
All of these questions and more may be answered by accessing the following web sites:
Reverse Mortgage     U.S. Dept. of Housing
Education Project     and Urban Development (HUD)
AARP Foundation     451 7th Street, SW
601 E Street, NW     Washington DC 20410
Washington DC20049     1-800-225-5342
1-800-209-8085     www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm
www.aarp.org/revmort
Federal Trade Commission
Consumer Response Center
600 Pennsylvania Ave., NW
Washington, DC  20580
1-877-382-4357
www.ftc.gov/yourhome