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Government
The US Department of Housing and Urban Development (HUD) began the HECM program in 1990. Today, they insure all HECM's and provide many rules and regulations to protect seniors. They provide lists of approved lenders and counselors.
HUD provides a listing of all non-profit agencies approved to provide HECM counseling. For Massachusetts, click here. For New Hampshire, click here.
The original Federal law establishing the HECM program can be read here.
HUD's Mortgagee Letters contain the intricate details of the HECM program. This site is targeted at companies in the reverse mortgage business but is open to the public.
Fannie Mae
Fannie Mae is a large private but government-protected mortgage company that offers a reverse mortgage useful in some cases.
Their Home Keeper Consumer Fact Sheet is here. View their 107-page booklet titled "Money from Home"
NGOs
National Reverse Mortgage Lenders Association is the industry association, dedicated to protecting seniors. Click here for the NRMLA guide to Aging in Place. Another booklet is the Just the FAQs: Answers to Common Questions about Reverse Mortgages. Finally, they offer a Guide about Using Reverse Mortgages for Health care.
The AARP has some excellent consumer material devoted to reverse mortgages. Click here to download their booklet entitled Homemade Money.
The AARP also has a Reverse Mortgage Education Project. Of special note is the section on financial assistance outside of reverse mortgages, mostly government programs such tax relief, energy assistance, or home repair. For Massachusetts, click here. For New Hampshire, click here.
The AARP also published model specifications for Analyzing & Comparing Reverse Mortgages. They've been used throughout the industry for constructing calculators, for instance. Read here.
Academic & Scholarly Studies
This recent 228-page report by the AARP Public Policy Institute surveyed over 1500 reverse mortgage shoppers, over half of whom had decided to get one. The conclusion is the Federal government should make additional changes in the HECM program to reduce costs and build consumer confidence. A summary of the authors' conclusions was presented to Congressional HECM hearings on December 12, 2007.
The National Council on Aging, Robert Wood Johnson Foundation and the Centers for Medicare & Medicaid published the 103-page report called Use Your Home to Stay at Home: Expanding the Use of Reverse Mortgages for Long-Term Care: A Blueprint for Action in 2005.
Boston College's Center for Retirement Research determined that Americans are at serious risk of reduced living standards during retirement. Their National Retirement Risk Index estimates 43% are at risk. Reverse mortgages are one proposed solution. (June, 2006) Read here.
An April 2005, 126-page report by the University of Wisconsin and HUD is called "Baby Boomers; Current & Future Metropolitan Distributions & Housing Policy Implications." It discusses policy implications including reverse mortgages, home modification, and elderly rental housing. Read here.
Deferred annuities have received some criticisms lately when funded with reverse mortgages. A different type called a "longevity annuity" has an insurance component and the academic argument for them is laid out in this June, 2007 paper by economist Jason Scott of Financial Engines. They only pay out if the beneficiary is alive at a selected future date and are therefore an efficient way to protect against the risk of living too long. Read here.
For Investors
This July, 2006 highly technical article by global bank UBS gives some interesting (and mathematical) analyses of reverse mortgage repayment and drawdown behavior. Read here.
This June, 2007 report by Fitch Ratings discusses the economic and financing of securitized reverse mortgage pools. Read here.
Other Reference Sources
The "Mortgage Professor" answers some questions about reverse mortgages.
Reverse Mortgage Books
These books are all relatively recent and discuss reverse mortgages in detail. They are available at Amazon.
T. E. Ballman, The Reverse Mortgage Handbook: A Consumer's Guide for Senior Homeowners (paperback, 2004)
Gillette Edmunds, Retire on the House: Using Real Estate to Secure Your Retirement (paperback, 2005)
Warren Boronson, The Reverse Mortgage Advantage: The Tax-Free, House Rich Way to Retire Wealthy (paperback, 2006)
Tom Kelly, The New Reverse Mortgage Formula: How to Convert Home Equity into Tax-Free Income (paperback, 2005)
Tyler Kraemer, The Complete Guide to Reverse Mortgages: Turn Your Home Equity into Instant Income (paperback, 2007)
Steve Lawson, Reverse Mortgage Essentials (paperback, 2004)
Sarah Glendon Lyons, Reverse Mortgages for Dummies (paperback, 2005)
Greg Patti, Reverse Mortgages (paperback, 2006)
Jennifer Pokorny, The Pocket Idiot's Guide to Reverse Mortgages (paperback, 2005)
Valerie VanBooten-Whitsell RN, The Senior Solution: A Family Guide to Keeping Seniors Home for Life (paperback, 2007)
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