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The AARP Home Equify Information Center,administered through the AARP Foundation in cooperationwith the U.S. Department of Housing and Urban Development.

U s i n g T h i sD i re cto ry. Video Scripts on ReverseMortgages: Part I - A New Sourceof Retirement Income . . .9 Pa r t I I - A C l o se r L o o k Ad d i t i o n a l R e so u rce s... .....17 .......3L ......5





Specialthanks for cover art adapted from work by Karen Swenholt, graphic artist for Part II videotape.


UsingThis Directory
is resourcedirectory takes you one step beyond the AARP Foundation's two videotapes on Reaerse Incomeand A of Mortgages,ANew Source Retirement CloserLook,enclosedhere for your use. These videotapesare intended for use by older homeowners, their personal or professional advisors, housing counseling agenciesand by lenders who want to give a balanced overview describing the reasonswhy and the ways in which reversemortgages are profoundly changing the lives of the many people who use them. As many more reversemortgage choicesare offered in the marketplace today, we hope these tapes will allow the viewers to increasetheir level of understanding about the details surrounding some of the existing products. As mentioned in the tape, it's definitely true that reversemortgages aren't for everyone, and that one size does not fit everyone either! 1n1991,the AARP Home Equity lrformation Center produced another videotape on reverse mortgages for the counseling industry. When we previewed the videotape to the first audiences without any script or guidebook, we found many of the viewers were taking notes as they were watching the "show." We are including this resourcedirectory in a printed format to help viewers review the information provided on these videotapes.We realize that all adults learn differently, and so this directory has two basic elements:1) word-for-word transcripts of the narrative text illustrated with significant tables from the secondvideotape;and 2) additional resource listings with further independent information on reversemortgagechoices.

We hope these materials will assistyou in your searchfor the appropriate solutions to meet your specificneeds. Specialthanks to Ken Scholen,Director of the National Center for Home Equity Conversion, who applied his multiple talents in development of both scripts for these videotapes. His commitment as trainer, writer, software developer and mentor have been invaluable to the Center and its work. Ken's countlessother contributions to this growing field have certainly made the world a better place in which to live for all of us. We also want to expressappreciation to the U.S. Department of Housing and Urban Development and to Fannie Mae for their financial support to the AARP Foundatiory which made these videotapes possible. And finally, our thanks to the homeowners seen on thesevideotapes - |ohn Sauer,Sister Mary Virginia and Anna Hromy, Nancy Glenn and Viola Johnson- whose generosity and kindness allowed us to share their personal stories with the viewers. And thanks to the lenders who nominated some of , their best customers as potential reversemortgage spokespeople. Pleaselean back and enjoy thesevideotapes. Drop us a note to let us know if they helped you understand more about how reversemortgages work, and how we might add more information to our next information enterprise. Our addresscan be page at found at the top of the Additional Resources your feedback the back of this booklet. We welcome and comments. AARP Hotun EeuIrv INroRverloN CENTER.

I Uideotapc - Pant $cnipt
Revense MoRTcAcEs: oF A New SouncE Income RennrMENT
October,l-996 Contains material previously copyrighted by and used with the permission of the National Center for Home Equity Conversion


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"Stay,stayat home and rest; heartsare the happiest." Home-keeping - Longfelloto I i[\Nhy not sell the house ? Because love it here. This is my home. I cannot think of a more beautiful place to be than in your own home, wherever it might be. It gives someonea senseof belonging." "Mama naturally wanted to stay at the home and keep it becauseit's like a relic from the past and their life blood is in it." , 'I think this is beautiful and I told the Lord I wanted to stay here." "It's my little corner of the earth. I'd rather be out in my backyard than any place else I can think of." Our reasonsmay be different, but the fact is, most of us want to stay in our own homes as we age.

Hello,I'm PhilG"i."r. ff,i, ofa house holds a lifetime of memories for me - birthdays, holidays, even weddings. This is my home. It took me years to pay off the mortgage and now this homesteadis worth a lot more than I ever imagined. But all the equity I built up wasn't helping me meet my financial needsand I found myself "house rich and cashpoor." Until recently, the only options I had were to sell the house or borrow against it. But I didn't want to move and I surely didn't want to worry about monthly loan payments. And then I heard about a new way for older homeowners to turn their equity into income. It's called a reversemortgage and it's helping thousands of older Personsto remain at

home with a senseof independenceand security. Ken Scholen and Bronwyn Belling are two of the foremost experts on reversemortgages.Ken is the director of The National Center for Home Equity Conversion and Bronwyn is a reversemortgage expert with the AARP Foundation. BRONWYN: A reversemortgage is a new way for older homeowners to tap the equity in their homes without having to sell or move. KEN: A reversemortgage is a loan against your home that you don't have to pay back for as long as you live there. BRONWYN: AARP has advocated for many, many years to bring more reversemortgages to the market place and we'd like to seetheseproducts be fair and easy to understand and available throughout the

PHIL: And so that's why we're here - to learn about reversemortgages and make them easy to understand.We'lIsee how they work and we'llmeet homeowners acrossthe country whose lives have been enhancedby this new source of retirement income. High atop the Pacific Ocean in Palos Verdes Califomia,T9-year old john Sauerhas lived for more than 30 years. John was able to get by with his annuities and Social Security,but he was unable to make the necessaryrepairs to keep up the house. |ohn Sauerhad built up a lot of equity but he was cashpoor, until a friend shared some information on reversemortgages.

|OHN: And I perused it and again perused it and I then decided that though I could get along comfortably,I didn't have a cushion and I felt that I needed the cushion. In read.ingabout reverse mortgages,I felt that I had the wherewithal to be able to do such a thing. And sure enough I was. And were I not to have the liquidity of the monies that I received in a reversemortgage, it would be a bit of a task for me. It would probably mean that I would have to go into debt to be able to pay for all these things that have to be done. So therefore, I have that peaceof mind of knowing that I can rely on the fact that I have monies enough to take care of me - and if you don't think that isn't a load off a man's mind,I assureyou it is. PHIL: |ohn also uses a reversemortgage for the future and to set up a trust fund for a dear friend and his family. But acrossthe country in Verona,PA., \l2-year old Anna Hromy and her 8L-year old daughter Sister Mary Virginia needed one to survive. SISTERMARY VIRGINIA: It will be 80 yearsin October when Mama and I arrived here. Dad came ahead to find work, and what you seenow as a house was hardly more than a shanty and gradl,rally over the years he kept knocking and pounding and hammering and made it into a home. The home was dilapidated - the roof was leaking and ceilings had holes in them. Social Security was no longer able to There was a time before when cover all the expenses. even save a little bit but oh no more. Now sh.e could she had to withdraw from what little savings she had in order to help pay the bills - and as the account

was running very low and the zero was in sight. Then I knew I had to do something to help this poor mother and learned about the reverse mortgage and got into the program and we've saved the home. One assetto this whole program is that this little old Mother is in security, in peaceof mind, in joy of heart too and comfort and conveniencebecauseshe can live and look forward to leaving this life in her own home. PHIL: As you have seen,a reversemortgage is a loan against your home that you don't have to pay back for as long as you live there. In fact, in most of the loans no repayment is due until the last surviving owner dies, sells the home or permanently moves away.At that time you or your estateowe all the money that's been lent to you plus fees and interest. When you securea reversemortgage the money can be paid to you in three different ways: you can take a r sinele lump sum r - like Anna Hromy, you can have a certain or amount sent to you every month I or you can take it as a line of credit that lets you use the money whenever you want to, the way John Sauer does. Ir the most flexible programsr /ou can combine these different ways of getting the cash to fit your individual needs.The options are what attracted Nancy Glenn of Oxnard, California. NANCY: I've been a widow since 1979,and a home this size requires a lot of maintenance.I work part time and I usually rent my spare room and then my other source of income, of course,is Social Security.

But it seemslike everything was going uP in price other than my income. Well I was probably,about in $15,000 debt and my house was in disrepair and I was a nefvous wreck. And I felt like I couldn't see any light at the end of the tunnel and I didn't really qrritu kto* how to get myself out of the mess that I was in. So when ModernMaturity first came out with an ad on reversemortgage loans, I called a 1-800 number and inquired about it and it's been a Godsend to me. What a relief to be able to get the new roof and get a new fence and get this done and that done and pay off some of my bills, and not have a house payment any more - that's the good part' PHIL: A reversemortgage can be used to meet a variety of needs.But you might be wondering how they work. Let's look at Viola Johnsonof Baltimore Maryland, as an example. Eighty-seven years old anabnna. Viola lived in a house that was literally falling apart. VIOLA: Oh before I fixed it, it was run down and terrible. I was really scaredof it myself. The roof leaked... PHIL: Viola had money to buy groceriesand pay the utilities but not enough to maintain the property, so she secureda reversemortgage. Her house was Shewas able to borrow 73 appraised at $43,000. She took plicent of that amount or just over $31,000. of she put some- it u t r*p sum to make repairs and away in a line-of-credit. Viola can now live in her home as long as she wants.

VIOLA: I feel wonderful about how I can go through the place now - nice floors. Oh my, I walked through it - thanking you all and thanking the Lord becauseI didn't think I would be able to live here. PHIL: A reversemortgage turns the value of your home into cash.It lets you decide when and how to use the equity you've spent years building up. As you get more cash from the loan and as interest is added to it, your debt gets larger. The more equity you use, the more you owe and the less you have left. Using more equity now means there will be less for you or your heirs in the future. When the loan is paid back, the amount left over equals the value of your home at that time minus your debt. But, no matter how much money you get and no matter how long you live, your debt can never be greater than the value of your home. This safeguard protects you and your heirs against having to use income and or other assetsto repay the loan. With a reversemortgage, you do not give up ownership of your home. You're still the owner and that means you are still responsiblefor paying the property taxes,homeowner's insurance and upkeep. A reversemortgage must be a first mortgage, so if you have any debt against your home now you must pay it off before getting a reversemortgage or use some from the reversemortgage to pay off the current debt. The first thing Nancy Glenn did with her new income was pay off the house. A frequently asked question is how much money can you get from theseloans? There are several different types of reversemortgages and the amount might varyby tens of thousands of dollars from one plan to

another. But in each plan the amount depends on how old you are and how much your house is worth. In general,the older you are and the more your home is worth, the more cash you can get. Advice from the expert Ken Scholenis to shop around. KEN: I think the single most important thing to understand is that one size does not fit all. There are different types of reversemortgages and different products fit different needs.And so you don't just look into one type of reversemortgage rfolt need to look into two or three different types to seewhich one fits your circumstancethe best. PHIL: The cost of a reversemortgage can end up being much greater or much less than you think. The true total cost depends on three things neither you nor the lender know for certain when you get your loan. 1. How long will you live in your home. 2. What happens to its value during that time, and 3. How and when the loan is paid to you. But the out-of-pocket cost to get these loans is generally very low. And that's becauseyou can charge most of the loan fees and closing costs.This increasesthe debt you owe at the end of the loan but it makes it much easierto get the loan in the first place.As good as they've been for many homeowners, reversemortgages are not for everyone. BRONWYN: Generally you should look or consider a reversemortgage if you are intending to stay in your home a long time. They're very exPensiveif you're only in the home for a short period of time.

Th"y work generally better and you get more money if you're older. So even though people in their sixties look into this idea, it's far better suited many times for people in their 70sand 80s. PHIL: For many homeowners like Nancy Glenn, a reversemortgage can be a Godsend. For others it just might not make sense.You have to decide for yourself. AARP doesn't endorse any specific brand or types of reversemortgages.As a consurner advocate,AARP wants you to become an informed consurner,so you can make the decision that works best for you. BRONWYN: I think it's very important for consumers to do their homework and not make a decision too quickly. The good news is there are lots of reversemortgages now in the market place. The bad news, of course is, it takes a lot longer to understand the ins and outs of each of them and to really fully understand also the altematives to a reversemortgage. Many, many people can have their needs met by a local program for property taxes,for home repairs, and what have you for medical pharmaceuticals.And those local assistance, programs are often quicker and cheaper than a reversemortgage. PHIL: If you find yourself house rich but cash poor, if you own your home and plan to remain there, a reversemortgage may be worth exploring. I invite you to join me and our experts as we take a closer look at reversemortgages.Until we meet again, I'm Phil Gaines.Thanks for watching.

ll $cnipt Uiileotape - Pant
Reverse Mortgla€es: A Gloser Look
October,l'996 Contains material previously copyrighted by and used with the Permission of the National Center for Home Equity Conversion



ello, and welcome to A CloserLookat Reoerse I'm Mortgages. Phil Gaines.When we first met, learned about reversemortgages in general.Now we we'll go into greater detail. And to help us do that, we are joined by our two experts on reversemortgages:Ken Scholenwho heads the nonprofit National Center for Home Equity Conversion, and Bronwyn Belling runs AARP's Home Equity Information Center.Welcome. Ken, these loans are quite a bit different from what most of us are used to. What are the basics? KEN: A reversemortgage takes the equity or cash value of your home, and turns it into three different things: r loan advancesthat are paid to you in cash I loan coststhat are paid to the lender I and, at the end of the loan, any leftover eguity that remains for you or your heirs Since all reversemortgages work like this, you can learn most of what you need to know about the financial aspectsof any reversemortgage by asking three simple questions: r \A/hatdo I get? I How much do I pay? and r How much equity would be left at the end of the loan? PHIL: Sounds like a good plan. Let's take your three questions one at a time, and seewhat we can learn. Bronwlm, I suppose the first thing most people want to know is how much money they can get? BRONWYN: Yes,they do. But it's also important to

find out when you can get the money. Some plans are much more flexible than others. For example, you might need the full amount of the loan immediately - in a large lump sum of cash.But some plans don't let you do that. Th"y require that you take some of the loan as a regular monthly advance. PHIL: IA/hatabout people who want a monthly advance?What are their choices? BRONWYN: A monthly advance could be paid to you I for a certain number of years, or I for as long as you live in ybur home, I or for as long as you live, no matter where you live. PHIL: IAtrhat the advantagesand disadvantagesof are a monthly advance? BRONWYN: They give you a steady,reliable source of cash every month. But the amount never changes, and your financial needs could change a lot. PHIL: Yes,you might need to fix your roof this year, and pay for some home health care next year. How can you meet these types of changing needs? BRONWYN: By choosing a creditline. It lets you decide how much of the loan to take - and when to take it. It's been the most popular choice by far. It gives you the most control and flexibility for meeting your specific needs.

PHIL:In general you can choosea lump sum, a monthly advance,or a creditline. But not all reverse mortgage plans offer all of these choices. BRONWYN: No, but they usually let you combine the types of advances they do offer. And some let you change to other types of loan advanceslater on. PHIL: I can seewhy it's important to tailor the timitrg of your loan to your needs.But how does the total amount of money you can get vary from one plan to another? BRONWYN: It can varyby a lot! By tens of thousands of dollars. So it pays to shop around. And that means looking into three basic types of reversemortgages: I First, if your home's value is less than or about the same as the average home value in your county, then the plan that generally provides the most cashis the federally-insured Home Equity Conversion Mortgage (which is also called the HECM plan). r Next, if your home is worth more than the averagevalue in your area,then a plan that might provide greater cashbenefits is the one offered by the Federal National Mortgage Association, which is also known as Fannie Mae. r Finatly, if your home is worth much more than the average in your area, then you might get the most money from proPrietary+Iru that are owned and offered by major financial services companies.

PHIL: I noticed you used the words "generally" and "might." BRONWYN: There are important exceptionsto these general guidelines. So you should be sure to investigate all three types of reversemortgages. PHIL: \AIhy can the amount of cash you get vary so much? Aren't all reversemortgages based on the same general principles? BRONWYN: Yes,they are, in general. But the specificscan vary a lot. In each plan, the amount of cash you can get generally depends on interest rates, vour ase, vour home's value, and- in the HECM -plan - where it's located. The lower the rates, the older you are, and the more your home is worth, the more cash you can get. hr the HECM plan, your cash benefits may be limited if your home is worth more than the averagevalue in your area.

PHIL: But isn't that the only plan insured by the federal govemment? BRONWYN: That's right Phil, and it has another important feature that setsit apart: its creditline keeps growing until you use it all up. For example, if you qualify for $50,000and immediately use $10,000 left. of it, you would then have $40,000 If you didn't use any of that $40,000 creditline for the next year, it would grow by the same rate being f.or charged on your loan balance.At 8"/o, example, you'd have over $43,000 one year later, and nearly $47,000one year after that.

So when you compare creditlines, always ask if it grows, at what rate, and for how long. PHIL: So in asking "What can I get?" you need to consider the different types of loan advances,the amount of money you can get, and in the caseof creditlines - how much available credit would be left in the future. Thank you, Bronwyn. Now let's tum from "what you can get" to "how much will it cost." Ken, how do you compare the costsof reversemortgages? KEN: Until recently it's been extremely difficult. And very easy to get the wrong answer. We normally look at loan costsby considering each individual cost item one at a time. This method generally works because almost all mortgages have the same types of costs. But most reversemortgages have other types of costsas well, and not all of them have the same ones. In fact, there's a lot of variety in the types of costs charged on reversemortgages. Someare so different from each other that until recently it's been virtually impossible to compare the true, total cost of one reversemortgage with another. PHIL: But now there's away to do that? KEN: Yes.Federal Truth-in-Lending law now requires all lenders to disclosethe total cost of reversemortgages.They must take all the itemized costs- whatever they happen to be - and roll them all together into a single annual averagerate: what we call the Total Annual Loan Cost or TALC rate.

PHIL: So this TALC rate lets us compare the true, total cost of reverse mortgages even if they have different types of itemized costs? KEN: That's right. The TALC rate is the only true apples-to-applescomparison. It also shows us that the total cost of any reversemortgage depends on other factors in addition to the itemized costs.Lr fact, two reversemortgages with exactly the same itemized costs are highly unlikely to end up costing the same.The true cost can vary by a lot. PHIL: Ken,I think we need an example to seehow that works. KEN: |ust happen to have one with me. Theseare the TALC rates on a federally-insured reversemortgage made at7o/ointerest to a71-year-old who choosesa single lump sum of cash. TheseTALC rates includeT% interest, federal insurance,loan fees,and all other closing costsyou normally have when you take out a mortgage.

TAIG Rates
7%lntercst Lump Sumof Gash After2 Yearc After 12 Yearc After 17 Yearc 75-Year Old

t3% 9% 8%

PHIL: If I'm reading this right, the TALC rate goes down over time. TWoyears after the loan is made, the total rate is 13 percent,but then it drops to 9 percent alter t2years and 8 percent after L7 years. \,tlhy does that happen? you are spreading out all the one-time KEN: Because costscharged at the beginning of the loan over more and more years. So they become a smaller and smaller part of the total amount owed. And this pushes the annual averagecost down over time. PHIL: So, time is one factor other than itemized costs that affectsthe total cost of these loans. The longer the loan runs, the lower the total cost becomes. KEN: That's right. And here's another factor. Theseare the TALC rates if the home's value increaseseach year by 4 percent. But here are the TALC rates if the value does not increaseand, if it increasesat a much higher rate: 8 percent per year.

Rate Prcpefr Appreciation 8% NoChange 4%

PHIL: Very interesting. The real cost goes down faster when there's no growth in value. Why is that? KEN: If your home's value doesn't grow at all, or grows at a very low rate, your rising loan balanceis much more likely to catch up to it. But you can never owe more than what your home is worth. So your debt is then limited by your home's value. And this pushes the real cost down at a faster rate. PHIL: So the real cost of a reversemortgage depends on how long the loan runs, and what happens to the home's value during that time. Anything else? KEN: One more thing. This borrower selecteda single lump sum of cash.If you chooseother types of the will be greater. advances, TALC rates in most cases PHIL: \tVhy is that? KEN: The true cost of a reversemortgage - like most things - depends on what you get for what you pay. No matter how you take the loan - lump sum, monthly, or creditline - the initial cost of setting it up is the same.But if you take a single lump sum, you get more money sooner.TALC rates on a lump sum are generally less than they are on monthly advancesor creditlines - a lot less in the first years of the loan.* TALC rates can be very high if you live a short time and don't get much money. Later on, they becomemore similar among the different types of advances. *Seenote next page.

PHIL: Let me seeif I've got this. The total cost of a reversemortgage depends on how long you live in your home, what happens to its value during that iime, and the timing and amount of your loan advances.

MoFtSagG Reuen$c
KEN: That's right, Phil. PHILr And your total cost is the lowest when you live longer, your home's value grows less,and you * get more of your loan sooner. KEN: Exactly.The Truth-in-Lending disclosure spells all of this out very clearly. So take your time and

Gost Total ofa



* It is important to note, however, that even though the TALC rates are lower in these circumstances, the amount being borrowed is much greater,so more total interest is being charged.

study it closely.But remember,although it tells you what the loan truly costs,only you can decide how much that loan is worth to you. What you'llbe willing to pay depends most on how much you value it. PHIL: Thanks, Ken. Bronwyn, what can you tell us about what's left over at the end of a reversemortgage? BRONWYN: Most people who take out these loans expect to remain in their homes for the rest of their lives. But things can and do change.Not everyone who intends to remain at home is able to do so. And some people change their minds. PHIL: So if you do move, you may need additional money to pay for housing or care or both. BRONWYN: That's right. But first you must pay back all the money you've received from the reverse mortgage - including any fees or closing costspaid for with the loan - plus interest. You can use the money you get from selling your home to do that. But the more you owe, the lesscashyou'llhave left over. PHIL: So the more cash you get from a reverse mortgage now, the less you'll have later if you sell and move. BRONWYN: Yes.And that's why many borrowers choosea creditline. It lets you control how much equity you use now, and how much you keep for later on. If you sell, you can take all the money left in

your creditline just before you do. If it's been a growing creditline, as in the HECM plan, that could be a lot of money. PHIL: How can you estimate what you'd have left if you do sell and move? BRONWYN: Lenders and counselorscan estimate the amount based on assumptions about your home's value, your loan advances,and interest rates. Theseestimateswill give you a general idea of what might happen. And you can use them to compare the cash you'd have left under different plans using the same assumptions. PHIL: Thank you, Bronwyn. As we've seerythere's a lot to leam about reversemortgages if you want to be an informed consumer. Unforfunately, these loans are still so new that very few professional advisors know much about them. But our expert guests today have almost 35 years' combined experiencewith them. BronwSmand Kery what advice can you give consumers? KEN: In a nutshell,I'd say look at all your options, get independent advice, and be sure to shop around thoroughly. PHIL: What are the main alternatives to reverse mortgages? KEN: I always encourageconsumersto consider selling and moving - whether they're interested or

not. Find out how much you could get for your home. Go seewhat's available in terms of other places to live. You might be surprised. On the other hand, you might find even more reasonfor staying in your present home. Either way, you'll gain a more realistic senseof which alternative you value the most. PHIL: Bronwlm? BRONWYN: I always encourageconsumersto check out local government programs and services.You just might be eligible for something you don't even know about. Your area agency on aging is the single best source of information on theseprograms. And there's a toll free number for finding the agency nearestyou. It's L-800-677-L116. PHIL: If you want to learn more about reverse mortgages,you'll need unbiased, independent information. So look at the ResourceDirectory that came with this video. It shows you reliable sources that can help you shop around thoroughly. AARP doesn't endorse any specific brand or type of reverse mortgage. But it does believe this new opportunity can be a sound choice for many older homeowners. And that's why AARP wants to help you be an informed consumLr: so you can make the decision that works best for you. For Bronwyn Belling and Ken Scholen,I'm Phil Gaines.Thanks for joining us.


Additional Resources
For More Information ... AARP Home Equity Information Center AARP Foundation 601E Street,N.W. Washington, DC 20049 (202) 434-6042 Pleasevisit us on the Internet: http: / /www. aarp.org / money Materials: I Home-Made Money (D L289Q; 45 page booklet r ReverseMortgage Lenders List (D 13253) I Home Equity Conversion and ReverseMortgage Fact Sheet(D 13722) American Bar Association Commission on Legal Problems of the Elderly 740 t5th Street,N.W. Washington, DC 20005 (202) 662-8690 Materials: I Attorney's Guide to Home EquitY Conversion (RevisedEdition, 1992, postpaid) $15.00

National Center for Home Equity Conversion 7373 L47th Street,Suite L15 Apple Valley, MN 55124 (612)es3-4474 Materials: Nest Egg:A Consumer I Your NeutRetirement Mortgages,1996, Guideto the New Reverse postpaid by mail order 342pages,91.4.95 Money only for readers of Home-Made I ReverseMortgage Update Newsletter and Lender Locator (Free;send self-addressed, stamped,businesssize envelope). r SaleLeasebackGuide and Model Documents ($ggpostpaid)

The AARP Home Equity lnformation Center,administered through the AARP Foundation in cooperationwith the U.S.Departmentof Housing and Urban Development. AARP is the nation's leading organization for people 50 and older. It servestheir needs and intereststhrough information and education, advocacy,and community which are provided by staff and a network of services local chapters and experiencedvolunteers throughout the country. The organization also offers members a wide range of specialmembershipbenefitsand services, including ModernMaturity Magazineand the monthly Bulletin. non-partisan The AARP Foundation is an affiliated 501(c)(3) It in established 1961. administers charitableorganization, and privately funded programs/ such as the publicly AARP Home Equity Information Centel the AARP Senior Community ServiceEmployment, and the AARP Senior Environmental Employment Program. The Foundation D.C. basedadvocacy alsocarriesout the Washington, Legal Counselfor the Elderly, programsfunded through Inc. Theseprograms also receivesupport from AARP.

,4ARP #
AARP Horne Equity Information Center 601E Street,N.W. , Washington,D.C. 20049 D1,6323 0196)