REVERSE
MORTGAGES:
To Life!
THE SCENE
HERE'S TO
A Great Opportunity for
Seniors Who Want to Stay
in Their Homes
Happenings
For college age through
30-something. Send information to
ahitsky@thejewishnews.com .
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
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,
For an illustration of how much benefit you might qualify for, visit the
Financial Freedom TM, site at www.fmancialfreedOm.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
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26
December 8 • 2005
TEENS/
1053410
Shabbat Unplugged
Young adults ages 21-40 are invited
to Temple Israel's Shabbat
.
Unplugged program 7:30 p.m.
Friday, Dec. 9.
The program features a music-
filled Shabbat worship, followed by
a "Jewish soul-food oneg Shabbat."
There is a cost of $8. To RSVP, call
Beth at temple Israel, (248) 661-
5700.
YAD Latkes, Vodka
The Jewish Fe.deration's Young
Adult Division Chanukah party will
be 8 p.m . Saturday, Dec. 17, at the
Centaur (behind the Fox Theatre)
in downtown Detroit. Cost is $10
in .adyance or $15 at the door.
RSVP to Jennifer Noparstak, (248)
203-1460 or noparstak@jfmd.org .
HILLEL METRO
DETROIT
Dec. 22 Thursday, 7 p.m. Chanukah
bash at Joe Dumar's Fieldhouse,
45300 Mound Rd., Shelby
Township. Indoor mini-golf, rock
climbing, laser tag, arcade games.
There is a charge. RSVP by
Monday, Dec. 18, to Karen
Adelman, (313) 577-3459 or
hilleled@wayne.edu .
MSU HILLEL, E. Lansing
Dec. 9 Friday, 6 p.m. Shabbat serv-
ice, 7 p.m. complimentary dinner.
RSVP: Marisa@msuhillel.org
Dec. 11-14 Sunday-Wednesday.
Study all night at MSU Hillel. Free
food, meditation and pilates class-
es 10 p.m. Monday-Wednesday. .
U-M HILLEL, Ann Arbor
Dec. 9 Friday, 7 p.m. Humanistic
Havurah Shabbat service. Food and
discussion follows.
Dec..10 Saturday Graduate and
Professionals and Temple Beth
Emeth's Twenties `1\I Thirties group
Chanukah party.
Dec. 11 Sunday. Dor Chadash bagel
brunch.
Teen Trip Dec. 18
Teen Connection will visit Joe Dumar's
Fieldhouse in Shelby Township on
Sunday, Dec. 18. All Jewish seventh
and eighth-graders are invited for high
ropes, a climbing wall, giant slide and
mini golf.
Round-trip bus transportation will
be available from the West Bloomfield
Jewish Community Center at 1 p.m.
and from the Oak Park Jewish
Community Center at 1:30 p.m.
Cost for the event is $30 for Teen
Connection members and $34 for
first-time guests.
Advance registration is required by
Monday, Dec. 12. Call Stacey Wolf at
BBYO, (248) 788.-0700.
Sath Zell, formerly of Ann Arbor, of
Chicago, will receive an honorary doc-
tor of laws degree during winter com-
mencement at the University of
Michigan. He is a real estate entrepre-
neur who received his undergraduate
and law degrees from U-M.
Attorney Samuel Yura of Farmington
Hills was•recently
presented a spe-
cial State of
Michigan tribute
by Gov.. Jennifer
Granholm. The
award recognized
his 65 years of
practicing law .
Yura
and his 92nd
birthday. Yura has
maintained an office in downtown
Detroit since 1941.
Alan May, former president of Temple
Beth El, has
earned the
William
Beckham
Community
Service Award
from the Detroit-
based National
Conference for
May
Community and
Justice. He was
honored at NCCJ's 58th annual
Humanitarian Tribute luncheon. May, a
lawyer specializing in probate law,
recently served as volunteer interim
CEO of the national NCCJ. He has sup-
ported the cause for more than 20
years, including two years as Michigan
Region chair and six years on the
national board. He's a past chair of the
Michigan Civil Rights commission.