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FOR IMMEDIATE RELEASE

Contact: Bob Catlin
               President - Signature Mortgage Corporation
              Phone: 330-305-1996
              E-mail: bobcatlin@smcinc500.com

May 30, 2008
Reverse Mortgage Activity Remains Strong Despite Declining Property Values

Despite property values falling back to 2005 levels, demand for reverse mortgages continues to grow at record levels.  This is partially attributed to lower interest rates and a significant loss in the buying power for retirees.

A reverse mortgage enables homeowners 62 and older to convert their home equity into cash.  What makes this type of mortgage so popular is that there are no payments for as long as the senior homeowner lives in their home.

The U.S. Department of Housing and Urban Development (HUD) reports that 9,564 reverse mortgages were endorsed in April 2008.  This brings the year-to-date total to 64,776, an 8.1 percent increase over 2007.

At the same time, home values in the first quarter of 2008 fell 7.7 percent from the first quarter of 2007 according to a Home Value Report released by Zillow.com.

The amount a borrower may receive from a reverse mortgage is determined by their age, the interest rate, and the home value.  So, in some cases a decline in a home’s value may reduce the amount a retiree can receive from the reverse mortgage.

Reverse mortgage growth continues to be strong for a number of reasons including:

  • An increase in the demand to supplement retirement income.  Each year since 2000, retirees have received an increase in their Social Security benefits lower than the rate of inflation.  Social Security benefits have increased by just 22 percent, while retiree expenses have risen by 71 percent.  Retirees have lost 40 percent of their buying power.

  • Low interest rates have helped to offset the impact from lower home values.

  • Property values have not declined in all areas.  In fact, some areas of the country have seen home appreciation.

Unlike regular mortgages reverse mortgages have not been subject to tighter credit standards.  A retiree seeking a mortgage in today’s market may be turned down because they do not qualify based on credit and income.  However, a reverse mortgage does not use credit or income in qualifying. 

Further attraction for the reverse mortgage is the ease and flexibility it provides in customizing the way funds are received.  This includes a lump sum, a line of credit, monthly payments, or a combination of two or more of these options.

"Funds from the reverse mortgage do not affect Social Security or Medicare benefits," Bob Catlin, President at Signature Mortgage Corporation said.  "Our senior clients have been able to continue to enjoy their retirement with the peace of mind of knowing they will not outlive their retirement income."

Legislation currently working its way through Congress is expected to result in a substantial increase in the national loan limit for the FHA-insured reverse mortgage.  If passed, it would raise the limit from $362,790 to $550,000, and would help increase the amount seniors with a home valued over $362,790 could receive from a reverse mortgage.

For those retirees who already have an FHA-insured reverse mortgage, it’s a relief to know that the availability of funds from their reverse mortgage will not be affected by a drop in their home’s value.

To learn more about reverse mortgages, Signature Mortgage Corporation provides a free informational package and confidential estimate by calling them toll-free at 800-241-1996 or by visiting their website at www.smc4seniors.com.

Contact: Bob S. Catlin/Signature Mortgage/330-305-1996

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FOR IMMEDIATE RELEASE
May 01, 2008

SIGNATURE MORTGAGE CORPORATION INTRODUCES
A NEW REVERSE MORTGAGE WEBSITE
 
Seniors Have Access To Free “Reverse Mortgage Guides”
and other useful information.
 
CANTON, OH -- Signature Mortgage Corporation of Canton, Ohio developed a user friendly Reverse Mortgage website to assist seniors in their decision making about Reverse Mortgages. The site can be easily accessed at www.smc4seniors.com.

"Financial decisions regarding your home are some of the most important decisions you’ll ever have to make, especially if you are a senior,” commented Bob Catlin, the firms president."
 
Signature Mortgage encourages seniors to learn everything about a Reverse Mortgage including whether or not the program is right for them.
 
Founded in 1996, Signature Mortgage was cited in the fall of 2004 by Inc. magazine as one of America’s fastest growing, privately held companies based on its 323 per cent sales growth over a four-year period.
 
Signature Mortgage maintains a $10 million warehouse line of credit and has a branch in Naples, Fla. An employer of 16, Signature Mortgage provides additional services through its sister company, Title Works Ltd.
 
For more information about Signature Mortgage, visit its website at www.smc4seniors.com, or contact Signature Mortgage, 4790 Douglas Circle, NW, Canton, OH 44718; phone 330-305-1996; toll-free 1-800-241-1996.
 
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FOR IMMEDIATE RELEASE
Oct. 20, 2004

SIGNATURE MORTGAGE NAMED ONE OF AMERICA'S
FASTEST-GROWING, PRIVATE COMPANIES BY INC. MAGAZINE
 
CANTON, OH -- Signature Mortgage has been chosen by Inc. magazine as one of the fastest growing, privately held companies in America.
 
The 23rd annual list of 500 companies was generated by Inc. magazine, the premier publication for small and medium-sized businesses, using highly stringent business-management and accounting criteria, including revenues, growth and profitability over a five-year period.
 
"We are very honored to receive this recognition, and we would like to thank our customers for the trust and confidence they have placed in us," said Bob S. Catlin, president. "We also would like to thank our talented, experienced employees for their part. We couldn't have enjoyed this success without their enthusiasm and hard work."
 
Founded in 1996, Signature Mortgage maintains a $15 million warehouse line of credit and has branches in Columbus, Ohio and Naples, Fla. The company has closed nearly $1 billion in residential mortgages for more than 5,000 families since 1996. An employer of 16, Signature Mortgage provides additional services through its three sister companies, Grimsley Title/Title Works LTD, Signature Financial Services and Sundance Realty.
 
Signature Mortgage is one of the few financial institutions in the area with reverse mortgage specialists on staff. Signature offers expertise in this federally insured loan that allows senior homeowners easy access to their home's equity -- providing elderly homeowners some tangible good news and relief from rising costs and stagnant income.
 
The Inc. 500 ranks privately held companies according to sales growth over the past five years. With 75 percent of all new job creation in the U.S. coming from small businesses, the Inc. 500 is a prescient indicator of the companies and industries that are driving the economy forward. Over the years, the Inc. 500 has identified the next generation of world-class companies, with Microsoft, Stonyfield Farms, Timberland, Oracle, Princeton Review, Morningstar, E* Trade, Intuit and Domino's Pizza all appearing on the list before they became industry powerhouses.
 
For more information contact Signature Mortgage, 4790 Douglas Circle, NW, Canton, OH 44718; phone 330-305-1996; toll-free 1-800-241-1996.
 
 
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