Shelley Giordano’s book, “What’s the Deal with Reverse Mortgages?” received a stellar review from a writer from the Chicago Tribune who has historically been skeptical of reverse mortgages. This is a trend that Giordano is noticing as her book is being picked up by more and more media outlets.
Jack Tatar, founder of People Tested Media, the publisher of Giordano’s compelling and innovative book says, “As more knowledgeable reviewers evaluate the contents of this book, they’re recognizing that the poor perception of reverse mortgages is based on the old product and due to aggressive advertising to the wrong people. Giordano’s book reveals how the product has changed due to regulations and proper oversight, and also how it can be an effective tool to use for retirees seeking income in retirement. The amazing thing is how people who were clear skeptics of the product are being convinced on its benefits after reading her book.”
One of those skeptics is Eliot Raphaelson of the Chicago Tribune, who after reading the book, noted the following, “I highly recommend “What’s the Deal with Reverse Mortgages?” (People Tested Media), a new book by Shelley Giordano, principal of Longevity View Associates, a reverse mortgage consulting firm, and chair of the nonprofit Funding Longevity Task Force. It will help you understand options such as fixed vs. variable loans, the nuances of using credit lines and all of the mortgage fees.
Giordano discusses the merits of home equity lines of credit (HELOCs) vs. those of home equity conversion mortgages (HECMs, FHA-insured open-ended reverse mortgages). HELOCs, she argues, have significant disadvantages. Borrowers have to repay principal and interest, whereas reverse mortgage borrowers are under no such obligation. Financial institutions can cancel HELOCs if they believe that borrowers have insufficient income or assets. Borrowers with a HECM line of credit don’t have this vulnerability.
In prior columns, I argued that one of the significant disadvantages of HECM’s was the high initial closing costs. Giordano says that some financial institutions are offering reverse mortgages with closing costs as low as $250. However, the tradeoff is higher interest rates. In my opinion, if you intend to maintain a line of credit for a long period of time, then the HECM has significant advantages over the HELOC, if you can obtain a HECM with very low (or no) closing costs. She recommends Retirement Funding Solutions (rfslends.com) as an example of a lender with flexible terms.”
Interest in Giordano’s book was so strong that upon its release, it reached Number One on Amazon’s list of Hottest Selling Titles in the Retirement Planning category. It continues to be strong seller as many retirees and pre-retirees are seeking options to gain more income in retirement.
Shelley Giordano, an expert of reverse mortgages and member of the Longevity Task Force, a group of thought leaders in retirement portfolio theory, has written a book that discusses the significant improvements made by HUD/FHA to the Home Equity Conversion Mortgage (HECM.) Over the years, and most notably in 2015, HUD has improved consumer safeguards, and reduced acquisition costs for those wishing to use their housing wealth in a controlled and strategic pattern. Shelley has brought together thought leaders and experts to write a book that applies sound analysis to demonstrate that the prudent and conservative use of housing wealth, accessed via the modern HECM, can have a profound positive effect on our other assets and our ability to generate income for retirement. This book debunks the hoary old myths attached to reverse mortgages. Reading this book will provide you with a full understanding of reverse mortgages to see beyond the current sales and advertising tactics related to the product allowing you to discuss the best options with your adviser, banker and family.
It’s now being called “the definitive book on Reverse Mortgages!”
For more information on the book, “What’s the Deal with Reverse Mortgages” visit www.PeopleTested.com. The book is available of Amazon in both paperback and ebook.