Three years ago Scholen's Retirement Income on the House: Cashing in on Your Home with a Reverse Mortgage introduced many readers to the concept of reverse mortgages, though the not-for-profit, Minnesota-based organization National Center for Home Equity Conversion, which he directs, has been promoting the concept of reverse mortgages of accumulated home equity since 1981. Here Scholen explains the most recent developments on how to get cash from one's home without having to move or sell or make monthly payments. Considering who best might take advantage of such schemes, he weighs their benefits and drawbacks. Contrasting costs, cash payouts, and disadvantages, he explains and compares available and soon-to-be offered plans. Scholen also analyzes a new federal law that requires full disclosure of the "total loan cost" for all reverse mortgages.
