Workshops review reverse mortgages, bankruptcy laws, federal and state relief programs
Seniors are experiencing many of the same hardships as the rest of the population during this time of economic uncertainty, and often do not know where to go for help. Lakeland Bank developed the Senior Solutions Workshop in conjunction with Intercounty Mortgage, as a starting point for advice and direction.
The first luncheon for area seniors is scheduled for July 26 at Lakeland Bank’s Teaneck Office located at 417 Cedar Lane. A second luncheon will be held August 9 at the Bank’s Wyckoff Office located at 652 Wyckoff Avenue in Wyckoff. Lunch will be served at 12 pm, and the program will run until 1:30 pm.
The Senior Solutions Workshop helps seniors make sure they are financially sound, and provide direction if they need any social services, legal help, or information on state/federally funded programs. Seniors learn how reverse mortgage financing and other financial options can help them keep their homes and ensure their long-term financial stability.
Many homeowners do not understand the advantages of a reverse mortgage. A reverse mortgage can be used to payoff back taxes or a delinquent mortgage. It can prevent foreclosure and allow seniors to stay in their homes. It can also provide a stream of income to augment pensions and social security payments. There is no credit or income check, and it is a loan that can be easily approved based on the equity in the home.
According to the U.S. Department of Housing and Urban Development (HUD), there has been a 10-fold increase in the number of reverse mortgage loans backed by its Federal Housing Administration (FHA) and will only increase as more baby boomers reach retirement.
Englewood Attorney Karl Norgaard works with the Senior Solutions Team to provide seniors with guidance on their legal options and oversees reverse mortgage closings. For more information or to schedule a private workshop, please call Sandra Rostek at 973-874-9018 or visit www.SeniorSolutionsWorkshop.com to view interviews on avoiding foreclosure and reverse mortgages.