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December 3, 2009 | Volume 3, Issue 12 | www.sdchamber.org | contact us MetLife Bank In today’s tough economy, Americans aged 62 and older are realizing that a reverse mortgage can be an important part of their financial plan. With limited or dwindling retirement savings, concerns about outliving their assets or just the desire to live more comfortably, increasingly savvy seniors are realizing the benefits reverse mortgages can offer. However, until recently, there were really only a few well-known, long-standing companies offering the product. In 2007, however, the MetLife entered the reverse mortgage industry through MetLife Bank. “When I tell people that I’m a MetLife Bank reverse mortgage consultant, they often ask—are you with the MetLife?” says Ed Pasqual. “I’m always happy to tell them that MetLife Bank is part of the MetLife family. A reverse mortgage is a loan that allows homeowners age 62 or older to tap into the equity that’s been built up in their home. The homeowner can then use the cash they receive in a variety of ways, such as paying for monthly living expenses, home improvements and health care. The borrower continues to own and live in the home without making monthly payments, and the loan doesn’t become due until the last surviving borrower passes away, sells the house, or leaves it for more than 12 months. “Because of the way the reverse mortgage product is designed, it may be a good solution for many people, and may help them maintain financial independence while remaining in their homes,” notes Pasqual, “One of the best things about my job is that I get to see first-hand how a reverse mortgage can make such a positive impact on people’s lives. When people hear the MetLife name, they feel even more comfortable about who they’re doing business with.”
Ed Pasqual, Reverse Mortgage Consultant
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