Finances

Reverse Mortgages: Get the Facts Before Cashing in on Your Home's Equity Whether seeking money to finance a home improvement, pay off a current mortgage, supplement their retirement income, or pay for healthcare expenses, many older Americans are turning to “reverse” mortgages. They allow older homeowners to convert part of the equity in their homes into cash without having to sell their homes or take on additional monthly bills. In a “regular” mortgage, you make monthly payments to the lender. But in a “reverse” mortgage, you receive money from the lender and generally don’t have to pay it back for as long as you live in your home. Instead, the loan must be repaid when you die, sell your home, or no longer live there as your principal residence. Reverse mortgages can help homeowners who are house-rich but cash-poor stay in their homes and still meet their financial obligations. To qualify for most reverse mortgages, you must be at least 62 and live in your home. The proceeds of a reverse mortgage (without other features, like an annuity) are generally tax-free, and many reverse mortgages have no income restrictions. To find additional "facts for consumers" check out the website at http://www.ftc.gov/bcp/edu/pubs/consumer/homes/rea13.shtm

• American Savings Education Council
  The American Savings Education Council (ASEC) is a nonprofit national coalition of public- and private-sector institutions undertaking initiatives to raise public awareness about what is needed to ensure long-term personal financial independence.
• Consumer and Economic Development Research and Information Center (CEDRIC)
  Searchable database on numerous personal finance subjects
• Consumer Reports for Kids

• Federal Trade Commission
• Financial Help for Everyone
  Website of Myvesta, a non proit consumer education organization
• InfoSource
• Money in Marriage
  Money in Marriage is a collection of interactive activities and resources for educational programs designed to increase communication and money management skills of engaged or recently married couples.
• National Endowment for Financial Education
  The National Endowment for Financial Education® (NEFE®) is a non-profit 501 (c) (3) foundation dedicated to helping all Americans acquire the information and gain the skills necessary to take control of their personal finances.
• Personal Financial Education - There's A Lot To Learn About Money
  Contains numerous educational resource links on a host of personal finance subjects.
• Retirement Planning via the Web
  This page lists some of the Web Sites that provide information about the amount of money you need to save for retirement.

• Social Security Administration
• The Investors Clearinghouse
  Investor information from the Alliance for Investor Education
• The Young Investor Website
  A website with links and information geared individually towards kids, teens, parents and teachers. Contains different areas for each group with links and activities for investing, planning and earning.

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