September 1, 2005 • ISSUE 31 / VOLUME 1

Reverse mortgages can help seniors

Free senior seminar set for Sept. 23-25

A reverse mortgage allows seniors to use their home equity for medical, insurance, home repair or income needs.

Seniors in Hawaii are living longer and staying healthier than ever before, according to Percy Ihara, Hawaii's Reverse Mortgage Specialist and Certified Senior Advisor of the direct lender, Financial Freedom Senior Funding Corporation.

"Hawaii's graying population now have more choices than the long-term institutional care that once was the primary option for our seniors," Ihara said. "More and more adults in Hawaii are remaining in their homes and communities well into their 80' and even 90's. Keeping our older adults healthy, independent and engaged benefits all generations."

A new era has begun in this country and in our own community, Ihara explains. Next year, 78 million baby boomers will begin turning 60. This May, during Older Americans Month, Financial Freedom will consider this momentous demographic change in aging of our population. The theme "Celebrate Long-Term Living" was selected to honor older Americans as a national treasure, and to highlight the need for mid-life and older Americans to be prepared to live longer than previous generations. Older adults and baby boomers need to make thoughtful choices now so they'll be more likely to remain healthy, productive and financially secure in their later lives.

The U.S. Administration on Aging wants all Americans to know that better planning, better community-based, long-term care options and more consumer-friendly systems are allowing more older Americans to remain vibrant and independent.

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"As Americans, we value choice," Ihara noted. "Studies have shown that, given choice, older adults will remain in their homes and communities for as long as possible."

Financial Freedom Senior Funding Corporation, a direct lender, offers reverse mortgage products that help them do just that – programs that help older persons remain in their homes, stay independent and enjoy their retirement years.

Hawaii homeowners over the age of 62 are able to convert the equity in their homes into a viable financial solution by using a reverse mortgage. There are three loan products available, the FHA HECM, Fannie Mae HomeKeeper and the Financial Freedom!" Cash Account!". As senior friendly products, these loans require minimal credit and no income verification, and eligibility is only based on age, primary residency and existing mortgage balance.

The loan process is simple and fast. Unlike conventional loans, there are no payments for as long as you live in the home. Senior homeowners have several options for the equity release of their reverse mortgage. Proceeds can be paid out in a lump sum, a line of credit, monthly payments or a combination of these options.

The greatest benefit of the reverse mortgage is that it allows seniors to stay in their homes and use their home equity for medical, insurance, home repair or monthly income needs. As there are no restrictions on the use of the funds, the proceeds can be used to improve your quality of life such as a new car or that long awaited vacation. And since they are receiving equity, it is on a tax-free basis that does not affect your Medicare or social security benefits.

Financial Freedom is the largest direct lender and servicer in the nation, and the only direct lender of all three reverse mortgage products in Hawaii.

Three free seminars discussing Reverse Mortgages will be offered at the Seniors Fair at Neal Blaisdell Center, Sept. 23-25. For information or to RSVP for the seminar, call Percy Ihara at 368-6747, or toll-free at 866-369-6747.