If you think you (or a parent/grandparent) might be in line for a reverse mortgage, take time to read The New Reverse Mortgage Formula, by Tom Kelly. I met Tom when I hosted Legal Line with Bob Pittman on KIRO and KTTH Radio. I sat in for Tom from time to time on his nationally syndicated Real Estate Today. He is a real expert when it comes to reverse mortgages and you’ll find essential tips and pointers in his book. He answers questions like how much can you borrow and what will the costs be, picking the right program (yes, there are several to choose from), and he talks about the early industry “black eyes” as he calls them. Along with the book, you may want to check out a recent article discussing the new reverse mortgage limits (http://www.silverplanet.com/money/real-estate/reverse-mortgage/new-reverse-mortgage-limits-help-more-seniors-stay-their-homes/57034).
While we are on the subject of real estate, what about a second home? Tom Kelly has a series on second homes, starting with How a Second Home Can Be Your Best Investment to Cashing In on a Second Home in Mexico and Cashing In on a Second Home in Central America. Tom provides solid advice and recommendations if you are in the second home market. We’ll have to invite Tom on a segment of Legal Line with Bob Pittman and we can all quiz him about today’s real estate market. Stay tuned.