The Pack Memorial Library and OnTrack WNC Financial Education & Counseling are joining forces to offer FREE financial education classes in 2016. The classes are part of a nationwide initiative through the Consumer Financial Protection Bureau (CFPB) which capitalizes on the unique role of libraries as places where people go for community and for information.
Understanding Reverse Mortgages will be held on Thursday, May 26 from 6:00 – 7:30 pm. The class will be held at the Pack Memorial Library at 67 Haywood Street in downtown Asheville. This financial education opportunity is open to the community and there is no charge to attend.
OnTrack WNC’s HUD-certified counselor, Suzanne Ellison, will teach the class which is an introduction to reverse mortgage. It will include eligibility requirements, types of reverse mortgages, how cash is paid out, how loans are repaid, and how loans are structured. In addition, there will be scenarios which show the pros and cons of reverse mortgages and how to determine if you have enough equity in your home.
“Reverse mortgages are being marketed heavily on television, the internet and by email. Based on the advertisements it would be easy for older adults to think they are a quick-fix for financial challenges,” said Celeste Collins, Executive Director of OnTrack WNC. “We created the Understanding Reverse Mortgages class to give senior citizens an opportunity to learn about the product in an interactive, educational environment without any sales pressure.”
Through this partnership, additional classes will be offered in 2016 including Budgeting, Preventing Identity Theft, and Raising a Money Smart Child.
OnTrack WNC’s counseling and education services are offered in Asheville/Buncombe County. Learn more www.ontrackwnc.org.