Concord, NH – Feb. 25, 2009 – Merrimack County Savings Bank today announced its Merrimack Reverse Mortgage Loan Program. A special type of home loan, reverse mortgages allow homeowners aged 62 or older who wish to continue living at home to convert a portion of home equity into cash. Reverse mortgages can be an excellent retirement planning tool to assist in restructuring assets when additional income is needed.
“Managing retirement income is a special concern with the turmoil in the financial markets and many retirees seeing their savings plunge,” commented Ulrike (Uschi) K. Graham, Reverse Mortgage Specialist. “While reverse mortgages have been available for 20 years, they have become a more prevalent option for some in these unprecedented times. The Merrimack has responded with a vigilant reverse mortgage program that includes professional consultation to discuss various options and alternatives for each unique situation.”
A reverse mortgage differs from conventional mortgages in that the lender pays the homeowner instead of the homeowner paying the lender. Monthly payments are not made and an income is not necessary to qualify. Obligation to repay the loan is deferred until the home is sold or no longer used for the primary residence.
In January, Merrimack County Savings Bank announced the addition of Ms. Ulrike (Uschi) K. Graham as its reverse mortgage specialist. She has 31 years lending services experience and can be reached at 603-545-6017 or email: firstname.lastname@example.org.
Founded in 1867, Merrimack County Savings Bank is a mutual savings bank headquartered in Concord, New Hampshire. The bank offers a wide variety of deposit, loan, and convenience services to individuals, businesses and organizations. Deposits are insured by the Federal Deposit Insurance Corporation (FDIC). Bank assets total over $550 million.