REVERSE
MORTGAGES:

THE SCENE

Happenings

For college age through 30-
something. Send information
to ahitsky@thejewishnews.com.

Speed Dating

Temple Israel's IMAGINE program
is sponsoring a Speed Dating
evening for Jewish singles ages 21-
40 at 8 p.m. Saturday, Nov. 5, at the
West Bloomfield temple. The cost,
$10, includes a dessert reception.
Reservations are required.
Contact Beth at (248) 661-5700 or
imagine@temple-israel.org.

Phelps-Sellers Lounge.
Information: Jenn Stater, (734)
482-0456 or Jenn@emuhillel.org .

Nov. 9 Wednesday, 7 p.m. Morgan
Spurloc, creator of the film Super
Size Me, will speak at Pease

Auditorium. Tickets: (734) 487-
2282.

Nov. 10 Thursday, 7 p.m.
Holocaust film The Power of Good

followed by a discussion with
Charles and Rita Gelman. Free.
Halle Library Auditorium.
Information: Aaron Kaufman,
(734) 482-0456 or
Aaron@emuhillel.org .

A Great Opportunity for
Seniors Who Want to Stay
in Their Homes

By Ozzie Jacobson

Not familiar with reverse mortgages? You should be. A growing number of
Seniors have been buying these innovative loans in recent years to augment
retirement income, pay for long term health care, or even pay for that
dream vacation. According to HUD, the number of reverse mortgages

issued this year has more than quadrupled from the early 1990s, when the
products were first introduced.

Consider that there are over 20 million seniors with more than $2 tril-
lion in home equity, according to 2000 census figures, and you will begin to
appreciate the growth opportunity these unique loans offer.

Reverse Mortgages Explained

Wine And Art

B'nai B'rith's David L. Bittker Unit
for young married couples will
have a "Taste of Wine and Art" 8
p.m. Saturday, Nov. 19, at Art
Leaders Gallery, West Bloomfield.
The evening will include the
gallery's collection, light hors
d'oeuvres, dessert, and a strolling
wine tasting featuring Simon
Rotberg of the Vineyards Cafe.
Cost is $45 per member couple;
$55 non-members.
For information, call Laurie
Zeidman, (248) 788-2706; Marci
Rotenberg, (248) 661-5006; or
Eden Elbinger, (248) 788-7577.

HILLEL METRO

DETROIT

Nov. 6 Sunday, 10 a.m.-noon.

HMD volunteers at Yad Ezra
kosher food bank, Berkley. Contact
(313) 577-3459 or
hillelpd@wayne.edu.

Nov. 22 Tuesday, 6:30 p.m. Boxing

manager Jackie Kallen will speak
at Wayne State Community Arts
building, Detroit. RSVP by
Thursday, Nov. 10 to Karen
Adelman, (313) 577-3459 or hil-
leled@wayne.edu.

EMU HILLEL, Ypsilanti

Nov. 6 Sunday. Holocaust

Memorial Center tour, departing
for Farmington Hills rom EMU
Hillel. Cost: $5. RSVP: Aaron
Kaufman, (734) 482-0456 or
Aaron@emuhillel.org.

Nov. 8 Tuesday, 7 p.m. A conversa-

tion about sex with EMU
Professor Pamela Landau at

November 3 . 2005

MSU HILLEL, E. Lansing

Nov. 6 Sunday, 9:15 p.m.

Broomball at Munn Ice Arena.
Cost: $1 stick rental. Contact:
marcscott03@yahoo.com

Nov. 8 Tuesday, 7 p.m. Former U.S.

Ambassador to Iraq Joe Wilson,
Kellogg Center, no charge. Contact:
Cindy Hughey, director@msuhil-
lel.org.

Nov. 10 Thursday, 9 p.m. Meet at

MSU Hillel for a TAG Bar Crawl
for 30-somethings and profession-
als.

U-M HILLEL, Ann Arbor

Nov. 3 Ludacris at Hill

Auditorium. Cost: $30, $25. (734)
763-TKTS.

Nov. 5 Saturday, 8 p.m. A cappella

MACFest at Rackham Auditorium.
Cost: $8.

Nov. 7 Monday, 7:30 p.m. Tzedek

meets at U-M Hillel to discuss
political and social justice issues.

Nov. 8 Tuesday, 3-7 p.m. Cook and

serve food for the homeless. Two-
hour shifts. Sponsored by VIA
Hillel.

Nov. 8 Tuesday, 8 p.m. Dump Coke

Reverse mortgages enable senior homeowners 62 years or older to con-
vert part of the equity in their home into tax —free income without having
to sell the home, give up title, or take on a new monthly mortgage payment.
Borrowers will never be forced to leave their homes, providing they make
their real estate property tax and insurance payments.

There are three types of reverse mortgages: The FHA Home Equity
Conversion Mortgage (HECM), the Fannie Mae Home Keeper (HK) and
the Cash Account TM (geared for higher value homes) developed by
Financial Freedom TM Senior Funding Corporation of Irvine, California.

Borrowers can choose to receive the reverse mortgage funds as a lump
sum, monthly income (for as long as they remain in the home), line of cred-
it, or any combination of the above. They make no monthly mortgage pay-
ments on a reverse mortgage during the life of the loan. The loan becomes
repayable when the borrower sells the home or permanently moves out. In
addition, the repayment amount cannot exceed the value of the home and
can be used for any purpose.

.

An important consumer protection built into these loans is the require-
ment for independent third party counseling prior to application. This
counseling session serves to provide an objective review of the program for
the senior and their advisors to help them decide if it is the correct option.

Reverse mortgages, although distinctly different from traditional mort-
gages, still are mortgages and have the same basic cost structure for closing
costs. These fees would include items such as appraisal, title insurance, doc-
ument fees and other typical closing costs. One difference is that the clos-
ing costs of a reverse mortgage are generally funded in the loan, so the sen-
ior borrower has no out- of- pocket expense. Qualification for this loan is
simple, as there is no income qualification and minimal credit review.

So, if you think that a reverse mortgage might be a good option for you
or your parents, a great resource is the National Reverse Mortgage Lenders
Association (www.reversemortgage.org), a national non profit trade associa-

tion for financial services involved in reverse mortgages in the U.S. and
Canada. NRMLA promotes awareness of reverse mortgages, keeps mem-
bers informed of legislative and other developments, and represents the
industry in Washington, D.C.

Coalition party at Hillel.

Nov. 8 Tuesday, 10 p.m. AMI Bar

Night, party for Israel at Rick's,
611 Church St.

Nov. 9 10 a.m.-4 p.m.

Kristallnacht display on the Diag
commemorating the "Night of
Broken Glass" in 1938.

For an illustration of how much benefit you might qualify for, visit the
Financial Freedom TM site at wwvv.financialfreedom.com ., or call Ozzie
Jacobson at Premier Mortgage Funding for a personal consultation.

Ozzie Jacobson is the manager of the Premier Mortgage Funding office at
25900 Greenfield, Suite #413, Oak Park, Michigan. Tel 248-968-3499.

1

Advertisement

M
P ORTGAGE FUNDING, INC.
iilli M

1042740

25

