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Reverse Mortgage

June 15th, 2007 8:31 AM

FOR IMMEDIATE REALESE

June 15, 2007

FIRST CALL MORTGAGE COMPANY INC. OFFER REVERSE MORTGAGES FOR NEW HAMPSHIRE and MAINE SENIORS

Portsmouth, NH. April 2, 2007— First Call Mortgage Company’ Portsmouth location is now offering Reverse Mortgages to New Hampshire and Maine home owners that are 62 years or older.

First Call Mortgage was one of the first companies to offer reverse mortgages, and continues to lead the industry in helping seniors use the equity in their home to achieve their personal goals. "Reverse mortgages can enhance the quality of life for many home owners who are on fixed or limited incomes, particularly in this economy," said James A. Jones, Director of Reverse Mortgages for First Call Mortgage. “I'm incredibly pleased to be leading such an important program" says Jones.

“We are very excited about adding Reverse Mortgages to our product offerings to help serve our clients in the New Hampshire and Southern Maine Market” said David Keslar, Portsmouth Branch Manager for First Call Mortgage Company. “We are continually offering educational programs, on reverse mortgages and we are seeing a significant interest from realtors, financial planners and estate planners who want to assist their clients so they can reach their personal goals” said Keslar.

About Reverse Mortgages.

With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The many advantages of reverse mortgages are:

· No income or credit verification is required to qualify

· The home owner retains ownership of home as long as they reside in the home

· There are no taxes on the income received from the reverse mortgage

· A reverse mortgage does not impact Social Security

· You will never owe more than the value of your home

· There are no mortgage payments as long as you reside in the home

Reverse mortgage can be used many ways such as:

· Augmenting a monthly income

· Purchasing an annuity

· Contributing to financial planning including estate planning and purchasing long term care insurance and life insurance

For more information, please contact David Keslar of First Call Mortgage Company 603-766-4940.

About First Call Mortgage
Founded in 2001, First Call Mortgage Company is a full-service mortgage company offering a diverse array of products fulfilling home lending needs. First Call’s experienced loan professionals are dedicated in creating the perfect loan package for each client. First Call Mortgage Company has created a quick, accurate and efficient process for most financing situations including new home purchases, construction lending, second home financing, reverse mortgages, commercial financing and refinancing. First call offers numerous competitive programs to suit any borrower’s needs. Headquartered in Andover, Massachusetts, First Call Mortgage Company is where you get the advantage of the best people, pricing and programs available. For more information visit First Call Mortgage Company online at http://www.ftmc.net.

Licensed by the NH Banking Department

Maine License # SLB9277

Posted by David Keslar on June 15th, 2007 8:31 AMPost a Comment (0)

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Purchasing a home with a Reverse Mortgage

June 19th, 2007 12:44 PM

If you currently own your home free and clear of any mortgage debt, the Home Keeper^® for Home Purchase mortgage helps you buy a new house that better fits your needs. You make a small down payment with your own money and receive a reverse mortgage loan for the rest of the purchase price. There are no income or credit requirements. You and any of your co-borrowers must be at least 62 years old.

Key Features

No borrower income limits and no credit requirements mean you may qualify for a higher-priced home. Loan qualification is based on your age and the value of the home you want to buy.
You can lower your down payment and keep more of your cash by choosing to use all or part of the loan proceeds toward your home purchase.
Repayment is not due as long as you occupy the home.
There are no monthly payments.
Your loan funds do not affect Social Security or Medicare benefits. (If you receive Supplemental Security Income or Medicaid, these benefits may be affected.)
You do not pay back the loan until you sell your home, no longer use it for your primary residence, or pass away. Then, you or your estate will repay the cash you received from the Home Keeper for Home Purchase mortgage, plus interest and other finance charges, to the lender. This means that any remaining equity in your home can be passed on to your heirs through the sale of the property.
You will never owe more than the value of the home at the time of repayment, even if the loan balance exceeds the value of your property. This means no debt will ever be passed along to your estate or your heirs.
At loan application, you must verify that you have the required funds for a down payment. This money can come from your savings, investments, or the sale of your current home.
At the loan closing, you will need to show that you have title insurance and that a title search has been performed.
The amount of money you get from a Home Keeper for Home Purchase loan depends on your age, the number of borrowers and the appraised value of your home.
You must keep applicable taxes and hazard insurance current, as well as maintain your home in good repair. The loan may become due and payable if you fail to pay property taxes and insurance or if you do not maintain your property.
You must attend reverse mortgage counseling that explains your Home Keeper for Home Purchase financing options.

Posted by David Keslar on June 19th, 2007 12:44 PMPost a Comment (0)

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