|
FOR
IMMEDIATE RELEASE:
CONTACT: STEVE DUBIN, PR WORKS, (781) 582-1061,
SDubin@PRWorkZone.com
Listen and learn - Reverse Mortgages made
understandable.
Free Educational Telephone Seminar on Thursday
May 24, 11 AM to
12 Noon, objectively outlines government backed
programs for seniors and implications for
retirement planning.
DATELINE: BRAINTREE, MA…
Senior
homeowners and their families are invited to
stay at home, pick up the phone, and dial in to
hear a free Educational Telephone Seminar on
Reverse Mortgages and Retirement Planning on
Thursday May 24 from 11 AM to 12 Noon.
Moderated by Greg Porell, the Editor of the
South Shore Senior News and the Neponset Valley
Senior News, this telephone seminar will provide
objective information about the unique
government backed programs that allow seniors
(age 62+) to access the equity in their homes.
Now seniors and their families can learn about
an important financial option without leaving
their home, just by listening.
Listen and Learn
Businesses have used telephone seminars for
years. IT’S SIMPLE! Participants don’t
need to say a word; they just dial in to a
specially designated 800 number from the comfort
and privacy of their home or office on May 24 at
11 AM and hear:
-
How to access the
equity in their home.
-
Implications for
retirement planning.
-
Answers to THEIR
questions (submit with RSVP).
Seminar speakers will include: Attorney Francis
X. Small, Elder Law Attorney, Heaney & Small,
LLP, Milford, MA; and George Downey, founder of
Harbor Mortgage Solutions, Braintree, MA and
former Chairman of the Massachusetts Mortgage
Association.
Advance
reservations are required. Call
1-800-597-5133
to
RSVP and find out how to dial into this
informative seminar on May 24th.
Those
who dial in to the Reverse Mortgage seminar will
learn how a reverse mortgage can help homeowners
over the age of 62 cash in on the investment
they made in their home without having to sell,
move, or take out a home equity loan. Reverse
mortgages can help provide a steady source of
tax-free income enabling seniors to have the
extra cash needed to pay off their bills and
stay in their own home.
A
recent study conducted by the National Council
on Aging found that impaired, older Americans
are struggling to live at home at a time when
they own more than $2 trillion in untapped
housing wealth. Senior homeowners throughout
Massachusetts are struggling to make ends meet,
yet most are unsure of how to proceed to unlock
the equity in their homes.
A
reverse mortgage, essentially the opposite of a
traditional or “forward” mortgage, can enable
seniors to tap into accumulated equity without
having to face ongoing payments. Unlike
traditional mortgages where borrowers make
monthly payments, in a reverse mortgage the cash
flow is reversed, and the lender makes payments
to the borrower, enabling borrowers to use the
tax free cash they receive in any way that they
wish.
There are no minimum
income, asset, or credit qualifications to meet
and no effect on Social Security or Medicare
benefits. The property must be the primary
residence of the borrower and properly insured
and maintained, with real estate taxes kept
current. As long as the borrower continues to
live in the property the loan can never be
called.
Unlike a traditional
mortgage where the balance starts high and the
borrower’s monthly payments systematically
reduce the loan balance, the balance of a
reverse mortgage loan starts low and continues
to increase as more cash is drawn and the
deferred interest charges are added to the
balance. Repayment is required if the home is
sold, or when the last borrower permanently
leaves the property, or passes away. At that
time, the heirs can sell, or refinance, the
property to pay off the loan.
Once the province of a few
small banks and private lenders, the great
majority of reverse mortgages today are provided
through government-sponsored programs, namely
the HUD/FHA Home Equity Conversion Mortgage (HECM)
and the Fannie Mae Home Keeper (HK) programs.
Telephone Seminar Sponsor - Harbor Mortgage
Solutions
The Senior Homeowner
Division of Harbor Mortgage Solutions is
dedicated to providing customized service,
obtaining the best possible solution for each
individual client every time.
An
equal opportunity lender licensed in
Massachusetts (license #MC0041) and Rhode Island
(license #20041821LB), Harbor Mortgage Solutions
is a member of the Massachusetts Mortgage
Association, the National Association of
Mortgage Brokers, and the National Reverse
Mortgage Lenders Association, strictly
subscribing to their rigid code of ethics.
Harbor Mortgage Solutions is also an Educational
Subscriber of the Massachusetts Chapter of the
National Academy of Elder Law Attorneys.
For
additional information on services offered by
Harbor Mortgage Solutions please call
781-843-5553 or 800-599-8700, or visit
www.HarborMortgage.com.
For additional
information on services offered by Harbor
Mortgage Solutions please call 781-843-5553
or 800-599-8700, or visit
www.HarborMortgage.com.
|
