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MORE MONEY UP FRONT FOR SENIOR HOMEOWNERS WITH THE HOMEARNINGS(SM) REVERSE MORTGAGE

 MORE MONEY UP FRONT FOR SENIOR HOMEOWNERS
 WITH THE HOMEARNINGS(SM) REVERSE MORTGAGE
 MIAMI, Sept. 18 /PRNewswire/ -- A relatively new financial planning option allows senior homeowners to receive cash each month for the equity in their homes without selling or moving out of their homes -- the reverse mortgage. As the name implies, a reverse mortgage is a traditional mortgage in reverse. With a reverse mortgage, the lender sends monthly payments to the homeowner based on their age and the lending value of their home.
 The Homearnings(SM) Reverse Mortgage, which has been offered in Florida since March of last year, now offers the option of an Ultimate Reverse Account to senior homeowners. This new product feature could increase the available reserve account for a reverse mortgage by 20 to 80 percent, based on the homeowner's age.
 "The Ultimate Reserve Account was developed in direct response to our current and prospective customers," said Doug Kronenberg, chief marketing officer for the Homearnings(SM) Reverse Mortgage. "So many of the interested seniors we talked with wanted to have more money available to them up front."
 Seniors list a variety of reasons for selecting the Ultimate Reserve Account option, including paying off their first mortgage or making expensive repairs or renovations to their home. "The money belongs to the homeowners," said Kronenberg. "It is completely up to them how they spend it."
 Seniors who select the Ultimate Reserve Account option with the Homearnings(SM) Reverse Mortgage would reduce the amount of their monthly advances for the first five years of the loan. Beginning in year six, the monthly advances would increase to the full amount.
 Eligible homeowners must be age 62 or older, and own their home with a lending value of at least $75,000. Seniors receive monthly cash advances for as long as they live in their home, with no repayment obligation until they move from the home or die.
 Senior homeowners who would like more information about the Homearnings(SM) Reverse Mortgage and the new Ultimate Reserve Account may call toll-free 800-677-1895 to request a free copy of The Homearnings Money Book(TM).
 The Homearnings(SM) Reverse Mortgage is offered by Capital Holding Corporation. Capital Holding, headquartered in Louisville, Ky. is a Fortune Service 500 company, with $19.6 billion of life insurance coverage in force.
 -0- 9/18/92
 /CONTACT: Laura Bennett of Bennett & Company, 305-932-8000, for Capital Holding Corporation/ CO: Capital Holding Corporation ST: Florida; Kentucky IN: FIN SU: PDT


JB-AW -- FL012 -- 1072 09/18/92 11:30 EDT
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Publication:PR Newswire
Date:Sep 18, 1992
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