Reverse mortgages for senior homeownersMaryland residents...

Industry Watch

February 16, 1997

Reverse mortgages for senior homeowners

Maryland residents can apply for the "Ever Yours" reverse mortgage credit line from Household Senior Services through 17 Household Finance Corp. branches in the state.

Reverse mortgages allow property owners older than 62 with low or no mortgage debt to convert their equity into cash through open lines of credit or loans secured by their home.

Unlike other types of debt, reverse mortgages generally don't have to be paid off until the owner moves or dies.

Information on reverse mortgages is the No. 1 question fielded by the 31 million member American Association of Retired Persons, according to Paul Kramer with AARP's Home Equity Information Center. Consumers can call AARP at (202) 434-6042 to receive a publication containing general information on reverse mortgages.

Household has offices in Abingdon, Adelphi, Annapolis, Baltimore, Columbia, District Heights, Frederick, Glen Burnie, Lanham, Rockville, Salisbury, Temple Hills, Timonium, Waldorf, Westminster and Wheaton.

Schultz heads Realtors group

Louise Schultz, a sales associate with Long and Foster Real Estate Inc. in Severna Park, was recently elected 1997 president of the Anne Arundel Chapter of the Women's Council of Realtors during an installation ceremony aboard the Bay Lady at the Inner Harbor.

Schultz holds the Graduate Realtor Institute, Certified Residential Specialist and Certified Buyer/Broker designations from the National Association of Realtors. She has also been designated as a retirement living specialist by Long and Foster.

Other new officers are Karen Rohrbaugh of the Pasadena office of O'Conor, Piper & Flynn, president-elect; Marilyn Pawlik of the Odenton office of O'Conor, Piper & Flynn, secretary; and Nicki Kaukonen, manager of the Annapolis office of Coldwell Banker Realty Professionals, treasurer.

Harbel home-buying workshop is Feb. 24

Harbel Housing Partnership is sponsoring a free home-buying workshop from 6: 30 p.m. to 8: 30 p.m. Feb. 24 at the Towson Library, 120 York Road.

Workshop topics include housing affordability, credit, mortgage programs, contracts and home inspection. Information also will be provided on Baltimore County's Settlement Expense Loan Program.

For information or a reservation, call Harbel at (410) 444-2100.

News in brief

BFC Marketing Group has been formed by Escapade Advertising of Severna Park and Builder's 1st Choice, the Columbia-based new homes marketing firm, to act as exclusive advertising agency for new homebuilders represented by Builders 1st Choice.

Long & Foster Real Estate Inc. announced the top producers for sales and listings for November in various offices.

In Anne Arundel County: Mary Thompson, Annapolis, $2 million; Linda Patterson, Downtown Annapolis, $2.2 million; Jean Bien, Crofton, $356,000; Bonnie McArdle, Deale/So. County, $536,000; the team of Theresa and Ronnie Stevens, Fort Meade/Odenton, $456,700; Margie Bellman, Pasadena; Steve Graves, Severna Park, $2.3 million.

In Baltimore: Bob Fisher, Fells Point, $326,000; the team of Joann Moncure and Hank Jordan, Roland Park, $600,000.

In Baltimore County: Rick Sipes, Catonsville, $225,400; Fay Klein, Greenspring, $1.3 million; William Smith, Perry Hall, $288,000; David Dresser, Pikesville; Joan Bowerman, Rosedale, $211,700; Vicki Sindler, Timonium, $575,000; Ali Zaghab, Towson, $2.2 million.

In Carroll County: Paul Steger, Hampstead; Joyce Bowen, Westminster.

In Harford County: Linda Hash, Bel Air.

In Howard County: Pam Ballo, Columbia, $1.4 million; Patrick Smith, Columbia Brokenland, $698,950; Jean Hugh, Ellicott City, $910,000.

On the move

Chateau Builders ppointed Jessica Glynn director of sales and marketing for the Columbia-based land development and homebuilding company.

Glynn comes to Chateau from Washington Homes. She has a bachelor of science degree in merchandising and management from New York State University College at Buffalo. Glynn is a member of the Washington Metro Sales & Marketing Council and the National Association of Realtors.

Community Realty Co. Inc. ppointed James R. Teller director of marketing and J. Clark Melillo director of engineering for the Greenbelt company.

Teller has worked eight years as a landscape architect. Before joining Community, Melillo worked for Johnson Controls Inc.

O'Conor, Piper & Flynn Realtors said Sylvia L. Somers joined the firm as a sales associate in its Eldersburg office.

The Ryland Group named Sandy Collins vice president of human resources and corporate organization development for Ryland Mortgage Co.

Collins comes to the Columbia-based firm from USF&G, where she was assistant vice president of the Finance and Accounting Group. She has a bachelor of arts degree in business administration and accounting from Syracuse University and a master's degree in business administration from New York University.

Pub date: 2/16/97

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