Simply stated, a reverse mortgage is so aptly named due to "reverse" flow of payments compared to a traditional mortgage. This special type of mortgage affords homeowners over the age of 62 the opportunity to stay in their home and have access to the equity they have built in their property. Seniors can pull some of that equity out of their primary residence as tax free cash, which they can use however they choose.

Borrowers can choose from a line of credit, lump sum, monthly payments, or a combination of the three. This differs from a traditional mortgage used to purchase or refinance a home because a homeowner does not make monthly mortgage payments to the lender/bank. There is also mortgage insurance, which protects borrowers against a lender going bankrupt, for example, or protects the lender in case the borrower moves, sells the home, or passes away.

Single-family homes and qualified condominiums, townhouses, manufactured homes, and one- to four-family owner-occupied residences are eligible. Seniors interested in the program should expect to be staying in their current home for several more years and not be concerned with giving their home debt-free to their children or heirs upon passing.

For more info, please visit www.reversemortgage.org

A Reverse Mortgage:

1. Ensures financial security for seniors
2. Provides additional income
3. Allows seniors to remain in their homes
4. Offers money for investments
5. Allows home improvements to meet seniors' changing lifestyles
6. Helps alleviate the rising cost of healthcare
7. Contributes to children's or grandchildren's education
8. Relieves monetary obligations
9. Affords a means for a dream vacation
10. Ceases foreclosure

Title insurance is a unique type of insurance that ensures that the land being purchased or refinanced is clear of any previous liens or encumbrances. This secures title in the new borrower's name, and protects the new lender(s) from unknown liens on the property as well. A Lender's policy and an owner's policy of title insurance can be issued concurrently, but it is important to know that they are separate policies.

Our premium policies for title insurance can protect a borrower from the following:

• False impersonation of the true owner of the property
• Forged deeds, releases or wills
• Undisclosed or missing heirs
• Instruments executed under invalid or expired power of attorney
• Mistakes in recording legal documents
• Misinterpretations of wills
• Deeds by persons of unsound mind
• Deeds by minors
• Deeds by persons supposedly single, but in fact married
• Liens for unpaid estate, inheritance, income or gift taxes
• Fraud

Buying, selling and refinancing real estate usually involves the transfer of large sums of money. It is imperative that a neutral third party, such as PRC, handles the transfer of funds and related documents from one party to another in a real estate transaction. The Escrow or Settlement company impartially carries out the written instructions given by the principals (borrower and lender). It is essential that all conditions are met, including receiving funds and documents necessary to comply with those instructions, completing or obtaining required forms, and handling final delivery and disbursement to the proper parties upon the successful completion of the escrow.