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 Advertisement iilli M P ORTI G EA RGE FUNDING, INC. 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.