Fannie Mae offers 'Home Keeper' loansThe Federal National...

REAL ESTATE DIGEST

January 28, 1996

Fannie Mae offers 'Home Keeper' loans

The Federal National Mortgage Association says senior citizens can now apply for "Home Keeper reverse mortgages," which enable homeowners to convert the equity in their homes into income.

The reverse mortgage is an adjustable-rate loan that allows seniors to borrow against the value of their home for most personal financial needs, such as health care, home repair or a monthly income supplement without moving out of their residence.

Seniors 62 and older who either own their homes or have very low mortgage debt remaining are eligible for a "Home Keeper" loan, which currently has a limit of $203,150.

Repayment is not required until the borrower permanently leaves the home.

Borrowers can choose to receive equal monthly payments as long as the home is occupied as a principal residence (tenure) or payment at any time in any amount (line of credit). A combination of monthly payments and a line of credit (modified tenure) will be available later this year.

Fannie Mae has included a "consumer education" requirement tensure interested seniors have all of the information necessary to make an informed decision.

Call (800) 732-6643 between 9 a.m. and 5 p.m. Monday through '' Friday.

House raffle to raise funds for Easter Seals

Ron Simmonds, a sales agent with Century 21 Crist Realty, is raffling a home at 19 Severn River Road, Severna Park, to raise funds for the Easter Seal Society for Disabled Children and Adults.

A rancher with a carport, the home has been appraised at $243,000. Mr. Simmonds says he has spent $49,000 renovating the kitchen, installing new appliances and carpets and making other improvements.

The main level of the home includes a living room with a working fireplace, dining room, three bedrooms, two full baths and two enclosed porches.

A fourth bedroom, third full bath, laundry room and family room with fireplace occupy the lower level.

Located in Round Bay, the home is a short walk from a community beach on the Severn River.

Tickets are $10 each and can be ordered from Mr. Simmonds by calling (410) 761-0210 or 541-7473. The drawing is Feb. 17 and you don't have to be present to win.

News in Brief

Bozzuto Construction Co. of Greenbelt has begun construction of Southern Pines Rental Housing for Seniors in Lusby. Adjacent to the Calvert County Community Center, Southern Pines will contain 76 apartments in a single elevator building. It is expected to open in November.

The State Department of Assessments and Taxation

The State Department of Assessments and Taxation Internet address is ishttp://www.dat.state.md.us. The address provided by the state for a Dec. 31 article was a temporary address.

On the Move

American Properties Inc.American Properties Inc. promoted Tina Jenkins to corporate operations manager of the Columbia company. Debby Smith replaces Ms. Jenkins as office manager of the Columbia location.

DRC Inc. named Daniel E. Huber director of business development for the Baltimore professional construction management firm. Mr. Huber was previously a principal in his namesake design firm.

HGI Realty Inc., headquartered in Muskegon, Mich., named William H. Neville president of the company's Eastern Region, which includes 14 outlet centers in Florida, Georgia, Kentucky, Maryland, New York, Ohio, Pennsylvania, Texas and Virginia.

Mr. Neville spent the past five years with Charter Oak Partners as president, executive vice president, vice president of leasing and director of leasing. He also spent nine years with Columbia-based The Rouse Company as vice president and general manager.

He has a bachelor of science degree in business from St. Joseph's University in Philadelphia and a masters' degree in business administration from Fairleigh Dickerson University in Rutherford, N.J.

John J. Kirlin Inc. of Baltimore promoted Jason A. Carter to vice president of business development, estimating and purchasing, and named Jerry Cervelloni senior project manager and 1995 employee of the year.

Stonegate Title Company Inc. named Nicholas Young president and general counsel and Sherri P. Brady marketing representative of the Towson-based firm. Mr. Young was previously a review attorney for several title companies. He holds a bachelor's degree from the University of Chicago and a law degree from the University of Baltimore. Mrs. Brady, formerly with Lawyers Advantage Title Group, has a paralegal degree from Villa Julie College.

Williams Scotman, a Baltimore-based provider of mobile offices and modular buildings, named Bruce Langford branch manager for its Baltimore and Richmond locations.

Calendar

Tuesday: Patterson Park Neighborhoods Initiative will host a homebuying seminar from 6 p.m. to 8 p.m. at the Patterson Park branch of the Enoch Pratt Free Library, 158 N. Linwood Ave. Topics include credit, the homebuying process and special financing programs, including Baltimore's $7,500 housing grant.

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