Harbor Mortgage Solutions introduces Speakers Bureau to explain options for senior homeowners.

DATELINE: BRAINTREE, MA…
With burgeoning real estate values in the Boston metro area, many seniors are finding themselves house rich but cash poor. Having tapped out their liquid assets, what are their options?

As a public service, Harbor Mortgage Solutions recently introduced a Speaker’s Bureau, offering to educate members of civic organizations, as well as service providers, about alternatives available to senior homeowners, including ways to unlock the equity in their homes. Harbor Mortgage Solutions, headquartered in Braintree, MA, was established in 1978 to serve the lending needs of Metro Boston residents,

George Downey, founder of Harbor Mortgage Solutions, understands the importance of becoming educated about financial options available to senior homeowners. After observing firsthand the array of challenges facing seniors, George Downey, along with his son Chris Downey, President of Harbor Mortgage, decided to educate themselves about the issues confronting seniors, joining the national Association of Elder Law Attorneys and attending educational seminars to figure out how to better assess and service the needs of senior clients.

They have found that educating and involving family members in the decision making process is clearly the best way to proceed. Even those who provide direct services to seniors aren’t always aware of the options that might best serve their clients. Notes George Downey “Misconceptions about alternatives available to senior homeowners are widespread. Each individual has a unique set of circumstances that needs to be assessed before the best solution can be determined for an individual senior homeowner, but it’s important for all of those involved in the decision making process to be informed about the range of available options.”

As a public service, the Downeys would like to share their extensive knowledge about current options available to senior homeowners by offering to conduct informational presentations for service providers and civic organizations.

Area Councils on Aging, Visiting Nurse Associations, home healthcare providers, civic organizations, and church groups are invited to contact Harbor Mortgage to schedule an educational presentation to learn about alternatives available to senior homeowners, including ways to unlock the equity in their homes.

Please call Harbor Mortgage at 781-843-5553 or 800-599-8700 and speak with George Downey or Chris Downey to arrange for a speaker to meet with your group and present an overview of the options available to senior homeowners.

The Reverse of Traditional Thinking
Some senior homeowners can't afford ever-increasing real estate taxes on their family home. Home maintenance has been deferred. Expensive healthcare is a major concern. And now spiraling gasoline and home heating fuel costs are daily adding to the burden. For all of these reasons and more, some senior homeowners may need to supplement their income on an ongoing basis but they are unsure of the best way to proceed to make that happen.

Converting home equity to cash has become an accepted means of financing home improvements, putting the kids through college, consolidating debts, and meeting a myriad of other financial needs as US homeowners tap into the burgeoning equity in their homes. Yet how many seniors and their families are aware of the options that are available ONLY to those over age 62 to convert their home equity into cash?

A reverse mortgage, essentially the opposite of a traditional or “forward” mortgage, can enable seniors to tap into accumulated equity without having to face ongoing payments. Unlike traditional mortgages where borrowers make monthly payments, in a reverse mortgage the cash flow is reversed, and the lender makes payments to the borrower, enabling borrowers to use the tax free cash they receive in any way that they wish.

There are no minimum income, asset, or credit qualifications to meet and no effect on Social Security or Medicare benefits. The property must be the primary residence of the borrower and properly insured and maintained, with real estate taxes kept current. As long as the borrower continues to live in the property the loan can never be called.

Repayment is required if the home is sold, or when the last borrower permanently leaves the property, or passes away. At that time, the heirs can sell, or refinance, the property to pay off the loan.

Once the province of a few small banks and private lenders, the great majority of reverse mortgages today are provided through government-sponsored programs, namely the HUD/FHA Home Equity Conversion Mortgage (HECM) and the Fannie Mae Home Keeper (HK) programs.

Customized Harbor Mortgage Solutions
Specializing in conventional residential and reverse mortgages, Harbor Mortgage Solutions, Inc. is located at 100 Grandview Road, Suite 105 in Braintree, MA. George A. Downey, who is now joined by his son Christopher Downey, founded family owned and operated Harbor Mortgage Solutions in 1978.

Assisted by a staff of experienced mortgage professionals, Harbor Mortgage Solutions is dedicated to providing customized service, obtaining the best possible solution for each individual client every time. An equal opportunity lender licensed in Massachusetts and Rhode Island, Harbor Mortgage Solutions is a member of the Massachusetts Mortgage Association, the National Association of Mortgage Brokers, the National Association of Elder Law Attorneys, and the National Reverse Lender Mortgage Association, strictly subscribing to their rigid code of ethics.

For additional information on services offered by Harbor Mortgage please call 781-843-5553 or 800-599-8700, or visit www.HarborMortgage.com.