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Mission - Homeowner
Options for Massachusetts Elders (H.O.M.E.) is a private non-profit organization
dedicated to protecting the equity of low- and moderate-income elderly
homeowners so they can afford to "age in place" with dignity and financial
security.
Counseling Comes First
- A national model for elder
homeowner protection, H.O.M.E.s foundational core is its in-depth in-home comprehensive professional counseling. Since H.O.M.E. sells no financial
products, nor receives any commission for referrals, the focus of a H.O.M.E.
counselor is to fulfill H.O.M.E.s mission...conserve and protect elderly
homeowner equity so the elder can extend their home tenure. As such, H.O.M.E. counselors provide assistance for elders through:
Education
Counseling
Remainder of Life Planning
Foreclosure Prevention
Consumer Protection for
Seniors
Off Loading (Securing low-cost or no-cost public and private benefits as well as
alternative resources such as fuel assistance and property tax relief)
Lending Comes Last
- H.O.M.E. considers loans to be a
"last resort; used only when no other alternative is available. If and when a loan is determined
to be appropriate, H.O.M.E.s unique partnership with over 55 independent community
lenders plays a key role. These lenders offer low-cost Reverse Mortgage Loans
and Senior Equity Lines of Credit solely in support of H.O.M.E.s mission. Most
recently, dozens of participating lenders have adopted H.O.M.E.s 10
Commitments to Elder Homeowner Protection including:
- Using the least costly loan when a loan is the only alternative
-
Encouraging elders to use legal counsel before executing a loan
-
Committing to H.O.M.E.'s multiple menu of options to fit individual needs
Select Highlights
- 27,000 elder homeowners helped
- 3,800 property refinances arranged
- $164,000,000 in non-government private loans granted
- $18,300,000 in home repairs, fuel assistance & winterization leveraged
- Over 3,400 non-government private loans and creative financial options
- Over 1,595 instances of property tax relief
- Development of the first Reverse Mortgage Loan product in New England & the
first Senior Equity Line of Credit in the U. S.
Collaborative Efforts
-
Due to participation in various elder assistance initiatives, H.O.M.E.
collaborates with all relevant elder Home Care agencies, Visiting
Nurses, local Councils on Aging, key neighborhood housing agencies such
as various C.D.C.s, Greater Boston Housing Partnership and Protective
Services, A.B.C.D., and Mass. Association of Older Americans.
Critically, H.O.M.E. also partners with nine Boston area law firms and
dozens of private bar attorneys; and H.O.M.E. has a very close
partnership with all of the state’s Legal Services
Corporations.
-
Publication of various consumer protection manuals such as:
- Remainder of Life Planning
- Reverse Mortgage Danger Signals
Client Profile
- Average age is 79-years-old
- Average income is $18,000 a year
- Little or no saving/assets other than their home
- Average credit card debt is $10,500
- Close to 30% of current case load are elders in jeopardy of losing their home
- 77% are single elderly women
Current
Funding
- Foundation and corporate grants
- Individual donations
- Lender donations
- State and federal grants (contracts)
Elder Homeowner Protection Since 1984
Free and totally
confidential...800-583-5337
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