Total Mortgage Expands Reverse Mortgage Program To Assist Growing Senior Population

Online, July 6, 2010 (Newswire.com) - Hires Donna Marino to lead reverse mortgage business

MILFORD, CONNECTICUT -Total Mortgage Services, LLC, a leading mortgage lender and broker, announced today it is expanding its reverse mortgage lending operation, Total Mortgage Reverse Mortgage Program, to help more senior homeowners in need of accessing the equity available in their homes during this challenging economic environment. In conjunction with this expansion, Total Mortgage has hired Donna Marino as Reverse Mortgage Specialist to lead the dedicated reverse mortgage product business.

"With over 18 percent of the American population at least 60 years of age, and that segment projected to grow, we believe it is the right time to expand our reverse mortgage program to help seniors, as well as key family members and advisors, clearly understand the implications of this important financial decision," said John Walsh, President of Total Mortgage. "Total Mortgage has been a responsible lender for over 13 years, is A-rated by the Better Business Bureau and has a team of highly trained reverse mortgage specialists, who are able to work with senior homeowners to answer questions and concerns, explain and advise the various options available, and help guide them into the right reverse mortgage program that fits their long-term needs."

Reverse Mortgage Product

The Federal Housing Administration's (FHA) reverse mortgage program is known as a Home Equity Conversion Mortgage (HECM), and enables seniors to receive monthly payments by converting their home equity to cash. The HECM is a safe plan which provides reverse mortgage recipients with FHA consultation to ensure a reverse mortgage is appropriate.

A reverse mortgage enables senior homeowners, 62 years of age or older, to convert part of the equity in their homes into tax-free income without having to sell the home, transfer ownership, or take on a new monthly mortgage payment. Homes eligible include single-family homes, 2-4 unit properties, manufactured homes (built after June 1976), condominiums, and townhouses. A senior homeowner can access the proceeds from a reverse mortgage in one lump sum, fixed monthly payments, a line of credit, or a combination of all three. The proceeds from a reverse mortgage can be used for anything, including supplementing retirement income, assisting with living expenses, and paying off high interest debts, among other important items. In addition, reverse mortgages do not require a minimum credit score, income, or asset check, and have no effect on the receipt of Social Security and Medicare payments, but may affect Medicaid benefits.

Unlike a traditional home equity loan or second mortgage, repayment is not required until the recipient dies or ceases using the home as their principal residence. To be eligible for an FHA HECM, a person must be a homeowner 62 years of age or older, own their home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan. The recipient must also use the home as their primary residence.

"A reverse mortgage enables senior homeowners to enhance or maintain their current quality of life, by allowing seniors to continue to reside in their homes while receiving an additional stream of permanent income," commented Dave LeClair, Business Development Manager at Total Mortgage. "Total Mortgage's Reverse Mortgage Program provides retirees a steady stream of income to help meet rising expenses, while giving them peace of mind,"

Donna Marino To Oversee Total Mortgage Reverse Mortgage Program

Overseeing the reverse mortgage program at Total Mortgage is Donna Marino, a licensed mortgage professional with more than 14 years of experience in the residential mortgage industry, and over four years of directly handling reverse mortgages. Prior to joining Total Mortgage in May 2010, Ms Marino has held direct-to consumer mortgage lending positions at Campbell Mortgage, Mortgage Solutions, and CT Mortgage during her well-established career.

"We are extremely pleased to have someone of Donna's experience and leadership ability join the Total Mortgage team," said Mr. Walsh. "Donna clearly understands the importance of providing relevant information to seniors who are interested in reverse mortgages, while allowing them ample time and space to make decisions that are in the best interest of their overall financial well-being."

"A reverse mortgage is a financial option in today's economy that every senior should at least know about and consider. It is a retirement tool that can provide them with security and piece of mind in planning their retirement years," said Ms. Marino. "Total Mortgage's model offers significant value to all its clients by combining low mortgage rates - maybe the lowest rates in the industry- and great service. We are committed to making sure a senior makes the right choices at this critical time in their lives."

To learn more about eligibility for a reverse mortgage, receive a list of FHA-approved reverse mortgage counselors or attain information on available reverse mortgage plans, call a Total Mortgage reverse mortgage specialist at (877)-868-2503 or visit http://www.totalmortgage.com/reverse-mortgage.asp for more information.

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About Total Mortgage Services
Total Mortgage Services, LLC is an industry leading direct mortgage lender and mortgage broker, with over 25,000 satisfied customers, and having funded over $4 billion in mortgage loans since 1997. Licensed in 21 states, Total Mortgage offers a variety of products and programs including fixed-rate mortgages, FHA loans, jumbo loans, adjustable-rate mortgages (ARMs), and more. Visit TotalMortgage.com for today's current mortgage rates, and follow Total Mortgage on Facebook and Twitter for daily mortgage rates and news updates. Visit http://www.totalmortgage.com/ for details.

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