Ogle County residents can learn about reverse mortgages

Learn about reverse mortgages

               OREGON, ILLINOIS -  University of IllinoisExtensionOgleCounty will offer the workshop “Reverse Mortgages:  Is this the answer for you?” on Thursday, November 5^th  from 1:30 – 3:00 p.m. at the Ogle County Farm Bureau building, 421 Pines Rd. in Oregon.    Evelyn Prasse, Consumer and Family Economics Educator, will be the presenter.

                Reverse mortgages allow older adults to convert the equity of their homes into cash while retaining their home ownership.  Older adults can apply for this type of loan to help supplement their income to pay for medical expenses, long-term care insurance premiums, in-home caregivers, home improvements, property taxes, or other expenses. 

                                Consumers should approach the reverse mortgage idea cautiously and with a lot of research.  To help consumers do their research, this program will provide the information about who qualifies for a reverse mortgage, the main types of reverse mortgages, new trends, when the loan is to be paid back, and questions to ask yourself before considering a reverse mortgage.  Learn and compare the pros and cons with the use of a helpful comparison worksheet.

                For more information or to register, please call 815/732-2191. The fee for this workshop is $5 per person and the registration deadline is November 3rd.  If you need a reasonable accommodation to participate, please mention this when registering.