REVERSE
MORTGAGES:

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Now thru Dec. 31st

All Designer
Frames

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

30% OFF!

with purchase of Rx lenses
some restrictions apply

By Ozzie Jacobson

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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.

`Gift Certificates Available

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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.

1ZOLAND OPTICC

Reverse Mortgages Explained
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.

Larga Selecrog Exclave Fab on Eiewear

Dr. Max Gottesman Dr. Michael Weishaus

OPTOMETRISTS

COMPREHENSIVE EXAMS • MEDICAL TREATMENT
CUSTOM CONTACT LENSES • LASER VISION CORRECTION

Applegate Square • 29983 Northwestern Hwy at Inkster Road

248.358.2920

1051430

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.

IN CONCERT

Tuesday, December 6
7 p.m.
Adat Shalom Synagogue

The LeeVees

with SHERE

Guster's Adam Gardner
and the Zambonis'
Dave Schneider
have put together
a new album of
songs called
"Hanukkah Rocks."

$15 general public
$10 religious school students and members of Jewish youth organizations
$25 patron ticket (includes meet-and-greet with the band)
Tickets are available at Adat Shalom during weekday business hours
and on Sunday mornings.
For information, call 248-851-5100 or visit www.adatshalom.org .

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.

For an illustration of how much benefit you might qualify for, visit the
Financial Freedom TM site at www.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.

I I

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PREMIER
MORTGAGE FUNDING, INC.

1042740