Thanks, this information is so valuable, and thanks for all your research, writing, and hard work. I've shared it via links to your blog with several people I know who were very interested in reverse mortgages but floundering in the information department, me too.

Thank you for this series of most informative information. I am sure this now gives you great peace of mind. Continued happiness in your new abode and state:-)

Just remember Seniors: When you request "free" information over the internet about Reverse Mortgages, it is never really "free". Someone like me pays from $75
to $150 for your information and the opportunity to contact you. Don't be surprised when a Loan Originator calls. At your age, you should well know there is no free lunch for any of us. Few Lenders provide FHA HRCM with "Free: leads. And, Shills like Fred Thompson (Beautiful aspect of this Company is that the former tout, Peter Graves, was dying proof that none of us live forever), The Fonzie, and Robert Wagner don't read cue cards for nothing. They are paid hundreds of thousands of dollars that come from fees earned from either you are the Lender.
Whoever coined the two words "Free Enterprise" was nuts.

Yours, Dear Ronni, is just one opinion. You appear to be a
Woman more financially well off than many other Seniors; I've helped many Seniors who were in financially desperate positions who requested FHA HECM information over the internet. You, Ronni, are such a fear monger, I can't believe it. Most Seniors (or their Sons or Daughters or a paid Financial Counselor) are very capable of quickly telling whether a Loan Originator has the Senior's best interest at heart. The internet is quick and easy and informational; it's just not "free". As far as Conselors, once again I repeat: The number data one gives you (based on a guess at home value and actual Mortgage debt, if any (or any known or unknown liens against the property) is bogus: Real numbers will NOT be known until an FHA Certified Appraisal is done and the appraisal value actually accepted by a Lender. More than one Senior has been mistified at the dollar haircut reduction by the Lender. The HUD/FHA required counseling, just like the 50 plus page application process, is what it is. Some sessions are "free" (there is that word again) funded by other Taxpapers with a HUD grant; others cost from $89 to $125. Not all Companies receive the grant for whatever reason. I have found Seniors choose a Counselor based upon their financial pressure.

One, NCOA is just one option; there are many others: Some Counselors are more knowledgable than others (Just like Orwell's famous pigs). Two, It isn't just what the FHA Certified Appraisal is: The Lender may (and in todays's lending enviroment usually does) reduce that figure, causing a reduction in what the Senior actually gets at closing (if any, sometimes it totally stops the loan). Three, yes, "free" is good; it's just that somewhere along the way either in the form of US Taxpayer or Lender grants, the information given is paid for. Finally, I object to anyone, including the esteemed Ms Ronni,
spreading fear about using the internet; with caution, just like driving a car, it can be a valuable resource. By the way, the Loan Originator you tout has a web site; guess he sees the value of the internet.

It is interesting that you recommend the MetLife booklet “The Essentials of Reverse Mortgages from MetLife.” On page 15 of that booklet, the following question and answer are presented:

"Q. Is the Interest Accrued on the Reverse Mortgage Tax-Deductible?

A. The interest accrues over time and is deductible only at the time that the loan is repaid. Your tax advisor can provide more specific information."

In Part 5 you state: “… and interest is not deductible.” IRS 2009 Publication 936 and Revenue Ruling 80-248 generally agree with the MetLife answer. It is odd you walked away from counseling with such a contradictory point of view. It seems your broker failed to address this issue with you.

While the MetLife statement regarding deductibility is reasonably accurate (but horribly incomplete), the last sentence in the answer is absolutely and precisely correct in directing readers to their own income tax advisors to “provide more specific information.” I hope those who follow your blog will take that advice and meet with their income tax advisor before getting a reverse mortgage.

Even if some things are not precisely correct in your eight blogs, they provide a wealth of first hand experiential knowledge that as of yet readers cannot find elsewhere. Even if we personally disagree, I greatly appreciate your efforts in keeping and providing such a well written account of your "journey" to your readers.

I have a couple of senior family members who have recently retired and have been wondering about a reverse mortgage. This blog is a valuable resource and I'll be directing them here.

Hello again Ronni,

It's been a while since you guys have covered the reverse mortgage space. The perception has improved greatly in the recent years as closing costs and interest rates have come more in line with traditional mortgage types. I hope to see you guys revisit :)