Transamerica introduces reverse mortgage plansTransamerica...

REAL ESTATE DIGEST

September 24, 1995

Transamerica introduces reverse mortgage plans

Transamerica HomeFirst, a unit of Transamerica Finance Group, has introduced two types of reverse mortgages that will allow seniors in Maryland, Virginia and the District of Columbia to unlock more of the equity in their homes.

With a reverse mortgage the homeowner receives cash advances and makes no monthly payments, while continuing to live in and own their homes. The loan is typically repaid in full when the homeowner sells or permanently leaves the home.

Transamerica HomeFirst's "Lifetime HouseMoney" reverse mortgage plan allows borrowers to continue to receive monthly cash advances whether or not they remain in their homes.

"Our plan provides older homeowners with continuing monthly income when they may need it most -- at that stage in their lives when health or other changing circumstances might force them to move out of their homes," said Peter Mazonas, president and chief executive officer of Transamerica HomeFirst.

"Cash Account," another "HouseMoney" plan, offers senior homeowners access to a revolving line of credit that can be borrowed for any purpose little by little, or all at once.

"HouseMoney" plans are designed for individuals 65 and older in California, Connecticut, Washington, Florida, Illinois, Maryland, New Jersey, New York, Pennsylvania, Virginia and Washington, D.C.

Information: (800) 538-5569.

AARP insurance plan offers flood coverage

The American Association of Retired Persons' Auto and Homeowners Insurance Program is now offering its Maryland members flood insurance provided by ITT Harford Insurance Group.

Following the guidelines of the National Flood Insurance program, the AARP policy limits coverage to $250,000 on buildings and $100,000 for contents. There is a 30-day waiting period for a policy to become effective.

To receive information on ways to help protect life and property send a self-addressed stamped envelope to: Flood Brochure, AARP Auto and Homeowners Insurance Program, ITT Hartford Insurance Group, 200 Executive Blvd., Southington, Conn. 06489.

News in Brief

Coldwell Banker Realty Pros Ltd. of Potomac said Marsh Schuman has been named one of the top agents in the United States by Unique Homes magazine. She will be included in the second edition of "The Register," the directory of luxury real estate professionals.

ERA Real Estate said its affiliated brokers raised nearly $2 million in pledges this year for the Muscular Dystrophy Association, the highest annual amount since the firm became an MDA corporate sponsor in 1977. Based in Overland Park, Kan., ERA has contributed nearly $18 million to MDA.

Harkins Builders Inc. has signed a $5.8 million contract with Woodland Job Corps Center to design and build a 314-bed dormitory at 3300 Fort Meade Road in Laurel. The Silver Spring firm recently completed the renovation of St. Luke's Convent in Baltimore County.

O'Conor, Piper & Flynn Realtors said Shirley Fleming of its Columbia office has earned the Graduate Realtors Institute designation from the National Association of Realtors. A Howard County resident, Ms. Fleming is a graduate of Villa Julie College and Georgia State University.

Calendar

Sept. 20: The Baltimore County Office of Community Conservation will hold a free seminar for first-time homebuyers from 6:30 p.m. to 8:30 p.m. at the Liberty Family Resource Center. Information: (410) 521-5551.

Sept. 21: The Baltimore County Adult Education Program is offering "Home -- You Can Buy Your First One Now" course from 7 p.m. to 9 p.m. at Kenwood High School and Lansdowne High School. Tuition is $15. Information: 887-4064.

Sept. 25: The Baltimore County Office of Community Conservation will hold a free seminar for first-time homebuyers from 6:30 p.m. to 8:30 p.m. at Morning Star Baptist Church. Information: (410) 285-4674.

Oct. 5: The Baltimore County Office of Community Conservation will hold a free seminar for first-time homebuyers from 6:30 p.m. to 8 p.m. at the Essex Library. Information: (410) 659-0632.

Oct. 16: The Baltimore County Office of Community Conservation will hold a free seminar for first-time homebuyers from 6:30 p.m. to 8:30 p.m. at the North Point Library. Information: (410) 631-9090.

Oct. 17: The Baltimore County Adult Education Program is offering the four-part "Home -- You Can Buy Your First One Now" course from 7 p.m. to 9 p.m. at Randallstown High School. Tuition is $15. Information: 887-4064.

Oct. 19: The Baltimore County Adult Education Program is offering the four-part "Home -- You Can Buy Your First One Now" course from 7 p.m. to 9 p.m. at Dundalk High School. Tuition is $15. Information: 887-4064.

Oct. 21-22: The Mid-Atlantic Dream Vacation Home at The Easton Club in Easton is open from 10 a.m. to 5 p.m. Tickets are $5 for the house tour or $16 to visit the vacation home and the 25th Annual Waterfowl Festival. For more information: (410) 962-1070.

Oct. 28-29: The Mid-Atlantic Dream Vacation Home at The Easton Club in Easton is open from 10 a.m. to 5 p.m. Tickets are $5 for the house tour or $16 to visit the vacation home and the 25th Annual Waterfowl Festival. Information: (410) 962-1070.

Nov. 2: The Baltimore County Office of Community Conservation will hold a free seminar for first-time homebuyers from 6:30 p.m. to 8 p.m. at the Essex Library. Information: (410) 659-0632.

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.