DIRECTOR RUSSO'S STATEMENT

TO ELDERS ON THE ADVISABILITY OF REVERSE MORTGAGE COUNSELING:

"Reverse mortgages can be a wonderful resource to help you remain in your home. The reverse mortgage transaction is complex and expensive and can be confusing.

Please be sure that you ask questions during the counseling process and that you understand the answers that you receive. At the completion of the counseling process, there is a three day "cooling off " period before you can close on the mortgage. During this three day period, I would urge elders to seek the advice of a family member or other trusted individual, particularly if you have questions or concerns, to ensure that you are fully informed and that a reverse mortgage is the right decision for you!"

Corinne Calise Russo, Director

Rhode Island Department of Elderly Affairs