Alliance Mortgage Company Launches Online Reverse Mortgage Calculator

Business Wire, July 9, 1999

JACKSONVILLE, Fla.--(BUSINESS WIRE)--July 9, 1999--

Alliance Mortgage Company announced the launch of its reverse mortgage calculator now available online at www.alliance-mortgage.com\reverse.

This calculator allows a consumer to determine how much they can receive through a reverse mortgage.

"We are excited by the opportunity to provide this valuable service to seniors, their family members and others considering a reverse mortgage," said Patrick J. McEnerney, Executive Vice President of Alliance Mortgage Company. "The web-site offers a simple way for consumers to estimate how much money may be available from the most popular reverse mortgage plans".

In addition to the calculator, the web-site offers in-depth information on both FHA and Fannie Mae reverse mortgage products. A question and answer section allows Internet users to ask specific questions to a reverse mortgage specialist.

A reverse mortgage is a special type of loan made to homeowners 62 and older, which enables them to convert the equity in their home to cash. With a reverse mortgage, the payments are made by the lender to the borrower as opposed to the borrower having to make payments. The borrower may use the cash for many purposes that include improving their standard of living, paying for in-home health care, making home improvements or satisfying debts.

"Reverse Mortgage loans can provide a senior with a lump sum payment, regular monthly payments, line of credit or a combination of these options," said Kevin Recker, Reverse Mortgage Development Manager of Alliance Mortgage Company. "Our new web-based calculator allows consumers to evaluate a variety of scenarios to determine the structure that best fits their needs."

Alliance Mortgage Company, headquartered in Jacksonville, FL, is a full service mortgage company engaged in the origination and servicing of first mortgages. Established in 1962, Alliance Mortgage Company is one of the oldest, privately held mortgage banking companies in the United States. The Company currently services over $8.5 billion in loans located throughout the United States and has lending activity covering 43 states. For more information on the Company, please visit www.alliance-mortgage.com.