Herald & Lantern 14 December '83

me Equity Plan: Hope for Seniors

TRENTON - In an effort to help senior citizens hold on to their homes, the Division on Aging in the Department of Community Affairs recently convened two conferences this year to discuss the concept of Home Equity Conversion. Home Equity Conversion would allow senior citizens to convert the equity they built up in their homes into a source of income, says John Renna, head of the Department of Community Affairs, One type of conversion, the sale — leaseback, permits a private buyer to purchase the property at less than the market price, paying the mortgage over the actuarial life of the seller. At the same time an annuity guarantees the senior citizen continued monthly payments for life. Most importantly, senior citizens would continue to live in their own homes and have the money to pay the basic expenses of living. THE IDEA FOR a Home Equity Program is an outgrowth of the state’s reverse mortgage law

passed by the Legislature and signed into law in 1980. Under the reverse mortgage law seniors could sell back part of their home equity for a mortgage that pays monthly dividends over an extended period of

. time.

If established, the Home Equity Program would constitute an expansion of the reverse mortgage law. It would effectively dovetail with the growing national effort to develop ways for older persons to release their home equity while they remain in the home they’ve lived hr Tor' years, Renna said. Continued home ownership is a serious problem / for senior citizens; Renna tfent on. In many cases, seniors do not have enough money to pay for'both the expenses of home ownership and the additional expenses of everyday living such as food and health care. Their retirement incomes, reduced from thg pay received when they were working, cannot meet the increased cost of living. In many instances, their only recourse is to sell their homes and seek shelter elsewhere — either with friends or relatives or in an apartment. The equity they built up through the years is suddenly converted into cash but at the high price of selling a home to which they have grown accustomed. NOW, THERE is growing support in New Jersey for adopting a Home Equity Program, according to Renna. Through the efforts of Jacques Lebel, Director of the Division on Aging, and the Division’s professional staff, the public is becoming more aware that there are ways to convert home assets into cash without losing their homes. Most older New Jerseyans are homeowners. The equity they have built up in their homes represents the single largest investment of their lives.

JUST ARRIVED VIA T.W.A. FROM SCOTLAND 1

r (/XckorXau\ 6

jOUH.

ON SAWYER WALK-SOUTH END WASH. MALI CAPE MAY • 884-3138 » OPEN ALL YEAR

10-20-30

A CHRISTMAS CAROL

ORIGINAL | CABBAGE PATCH KIDS The Wildwood Merchants has just had original Cabbage Patch Kids flown in from Scotland and they are going to have drawings for them.

FRI., DEC. 16 - t PM SUN., DEC. 18 - 4 PM MON., DEC. 19 - 8 PM WED., DEC. 21 - 8 PM FRI., DEC. 23 - 8 PM In troirt of the Mirlne Natl Bank ■ Pacific An., Wildwood

RULES ★You must be 18 ★ You must register at Wildwood Merchants showing Cabbage Sign ★You must be Present to win ★You must Register for each drawing ★Nothing to Buy

GIFT TREE — Christmas tree is presented to Cape May Care Center, with Cmdr. Gray of Town Bank Memorial Post, VFW, and Winnie Bonney making presentation to Gordon C. Nedwed. Tree lighting ceremony will be 1-5

p.m. tomorrow at the center in Swainton. Food Drive Is Saturday

NEEDLECRAFT GIFT IDEAS.... •aFT CERTIFICATES ' -JEWEL BOXES • MAGNIFIERS •CCS CANDLE SLICKS •KITS •EMBROIDERY SCISSORS DON'T FORQET TO REGiaTtR FOR | , _ $50 DMC FLOSS TREE • ORA WING 12/23/53

be §atnich’sl

Mobile Showroom'

meat BETTER TISMWYM MBBLJUBBT IT TIM BMR!

lyQi

THE WILDWOODS - Residents of Wildwood, Wildwood Crest and North Wildwood will be asked to donate non-perishable foods during the Greater WiWwood Jaycees’ Seventh Annual Food Drive for the Needy from 9 a.m. to 5 p.m. Saturday. Jaycees, assisted by Boy Scouts and members of The

Crest Community Church will be soliciting door to door during those hoyrs. Food may also be dropped off at the,Jaycee clubhouse, 3005 Pacific Avenue, Wildwood.

"We Cure Your Window Panes"

BLINDS • SHADES • DRAPERIES SALES • SERVICE • EXPERT REPAIRS •IEBSPAEAIS • AINU SNAKS • liWERS •VERTICAL ILIADS • CHITON I STOCK SIAIES UPHOLSTERY A SLIPCOVERS TOO! FREE IRSTAUATIRR

SHOP AT HONE • 884-2545

Has your bank asked you to move the contents of your safe deposit box? Are you in need of a place to store your valuables and important papers?

Ifyou ansvyered ' yes" to either or both of these questions, you need Sturdy Savings ind Loan. Sturdy has safe deposit boxek available at its Cape May Court House and Dennisville offices — in five different sizes to fit your individual needs.

Size

Price

3x5

S\2J

5x5

$15

3x10

S18

5x10

po

10x10

Ms

Annual lit- dues mil incltidt' fc sal«*» tax

All Prices Reduced 10% Now Through January 13; 1984! ^ For more information, call Sturdy Savings and Loan: Cape May Court House 465-2700 Dennisville 861-5152

I0UA1HOUMC LENDER

SUMY SAVINGS at MAN ASSICIAfM

Stone Harbor — 368-2911 • Avalon — 967-7541 Dennisville — 861-5152 • North Cape May — 884-5656 Cape May Court House — 465-2700