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FIRST FEDERAL SAVINGS AND LOAN OF CHARLOTTE INTRODUCES FIRST FEDERAL REVERSE MORTGAGE

 FIRST FEDERAL SAVINGS AND LOAN OF CHARLOTTE INTRODUCES
 FIRST FEDERAL REVERSE MORTGAGE
 CHARLOTTE, N.C., March 10 /PRNewswire/ -- First Federal Savings and Loan of Charlotte is introducing the First Federal Reverse Mortgage, available starting March 16, announced Mike Bailey, Senior Vice President, Mortgage Operations.
 "This program is an exciting new vehicle designed to help our community's senior citizens access the equity they have built up in their home," says Bailey. "And the First Federal Reverse Mortgage is a win-win for everyone."
 The First Federal Reverse Mortgage is a new government insured loan developed specifically to help people 62 and older use the equity they have built up in their home without repaying it for as long as they live in their home. (This mortgage is also known as a Home Equity Conversion Mortgage or HECM.)
 First Federal is the first financial institution in Charlotte to make this program generally available to the public. HUD authorized a pilot program of 2,500 loans starting in July 1989 on a very limited basis. Now HUD has expanded the Reverse Mortgage program to 25,000 loans on a first come, first serve basis.
 "We're very proud to be offering the First Federal Reverse Mortgage," says Bailey. "This will be a great benefit to house-rich senior citizens who do not want to have to sell their homes to have the money to live on."
 Interested individuals can call 704-335-4400, or use First Federal's toll free 800-876-3375. All requests for information should be directed to these two numbers.
 -0- 3/10/92
 /CONTACT: Ruth Castleberry, Castleberry and Company, 704-377-4016/ CO: First Federal Savings and Loan of Charlotte ST: North Carolina IN: FIN SU: PDT


DF -- CH002 -- 6813 03/10/92 11:01 EST
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Publication:PR Newswire
Date:Mar 10, 1992
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