WASHINGTON, DC – Congressman Bill Delahunt will join with the Massachusetts H.O.M.E. Consortium, the Consumer Assistance Council and Senator Rob O’Leary to sponsor a forum for seniors who are interested in learning more about Reverse Mortgages.

The forum will be held at the Yarmouth Senior Center at 528 Forest Road on Wednesday, September 26 at 12:30p.m.

“I am pleased that the Massachusetts H.O.M.E. Consortium and the Consumer Assistance Council are holding this workshop to discuss homeowner income options for Massachusetts seniors. An increasing number of older Americans are seeking reverse mortgages, and this forum will provide free and accurate information on these programs, as well as information on how to identify a potential predatory lender and prepare for unexpected expenses,” Delahunt said.

As a growing number of banks and mortgage companies are selling reverse mortgages as a quick way to solve financial problems, the forum will focus on giving seniors a non-biased/non sales presentation on reverse mortgages and other available options to realize income from home equity.  It will be moderated by Len Raymond from the Homeowners Options for Mass Elders (H.O.M.E).

“Over the past six months I have heard from a growing number of Cape seniors looking to protect themselves from becoming the victim of a predatory lending scheme," said State Senator Robert O'Leary.  “I am confident that this workshop will equip attendees with the knowledge needed to make well-informed decisions about homeownership.”

A reverse mortgage is a loan for individuals 62 and older that essentially allows owners to convert part of their home equity to cash. According to the FTC, the three basic types of reverse mortgages are: single-purpose reverse mortgages, which are offered by some state and local government agencies and nonprofit organizations; federally-insured reverse mortgages, which are known as Home Equity Conversion Mortgages (HECMs), and are backed by the U. S. Department of Housing and Urban Development (HUD); and proprietary reverse mortgages, which are private loans backed by the companies that develop them.

Those who are interested in attending should RSVP to the Yarmouth Senior Center at 508-394-7606.

Click here for some helpful hints from the FTC providing some advice for consumers seeking a reverse mortgage.

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