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partnership composed of the American Association of Retired Persons, local area agencies on aging offices and the Virginia Housing Development Authority.
The Department for the Aging and the AA.RP recently conducted workshops for local volunteers to increase the number of trained counselors statewide. Locally homeowners can receive counseling through the Rappahannock-Rapidan Community Services Board. For information call Carroll Glasker at 825-3100.
Under the HECM program, homeowners borrow against the equity in their home without having to make any repayment as long as they continue to live in the home. These loans are offered statewide by VHDA and private mortgage lenders. Program money is provided through the sale of these loans to Fannie Mae, a privately-managed, stockholder-owned company. By selling their loans to Fannie Mae, VHDA and private sector lenders replenish their supply of mortgage monies available for additional lending activity.
“VHDA strongly supports the HECM program and the partnership that delivers this valuable loan service to Virginians,” said VHDA Executive Director John Ritchie Jr.
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