Seniors Money Canada Announces Agreement with Mortgage Alliance



    More Canadians 60-plus will have access to a Seniors Money Loan

    MISSISSAUGA, ON, Oct. 31 /CNW/ - Seniors Money Canada, a world leader in
the reverse mortgage industry, today announced a national distribution
agreement with Mortgage Alliance. The agreement supports Seniors Money's goal
to be the preferred provider in conservative and flexible retirement funding
for Canadians, by leveraging Mortgage Alliance's expertise and network of over
1600 brokers.
    "Our agreement with Mortgage Alliance is consistent with our goal to make
Seniors Money Loans more accessible to more Canadians across the country,"
said Nick DiRenzo, President & CEO of Seniors Money Canada. "They are
innovators in the field, and quickly understood the value the Seniors Money
Loan has to the future for Canadian seniors. More importantly, we share a
common philosophy of integrity, sincerity and accountability toward our
customers."
    As a result of the agreement, Canadians 60-plus will be able to access
the Seniors Money Loan through their local Mortgage Alliance broker or
Franchise. For those senior Canadians who want or need money, and don't want
or cannot make monthly payments, the Loan enables them to release the equity
in their home to fund a variety of needs in their retirement years - without
having to sell their home, give up title to it, or make monthly mortgage
payments.
    "Seniors are living longer, and pursuing more active lifestyles at a time
when their homes continue to increase in value. For our senior customers, a
reverse mortgage will allow them to utilize the value they have accumulated in
their home to complete meaningful life projects, home improvements, or even
assist family members achieve an education," said Michael Beckette, President
and CEO of Mortgage Alliance Canada.
    The amount seniors can borrow depends on their age and the appraised
value of the home. Seniors Money will lend on a scale of up to 15 per cent of
the home's value for someone at age 60 and up to 45 per cent at age 90. The
variable rate is 7.5 per cent calculated as Bank Prime plus 1 1/4, and is
guaranteed to never go above Bank Prime plus 2.0 per cent. Interest is
compounded monthly. The loan also comes without pre-payment penalties and a
guarantee that the homeowner or their estate will never have to repay Seniors
Money more than the fair market value of the house.
    Initially, the Seniors Money Loan will be made available through Seniors
Money consultants and Mortgage Alliance brokers and their customers based in
Ontario until the product becomes more broadly available nationally in early
2008.

    Seniors Money International
    ---------------------------

    Seniors Money International operates in Australia, New Zealand, Ireland,
Spain, South Africa and now Canada. Globally, the company specializes in the
business of reverse mortgages, working within a strong, stable financial
organization with over $650 million in loans under administration. Seniors
Money Canada, the Canadian operation of Seniors Money International, was
launched August 28, 2007. They can be reached at 1-877-773-6550.

    Mortgage Alliance
    -----------------

    One of Profit Magazine's top 100 fastest growing companies in 2005,
Mortgage Alliance/MPH is Canada's largest independent mortgage brokerage with
a network of over 1600 mortgage professionals generating billions of dollars
in annual mortgage volumes. The company provides consumers with choice,
convenience and counsel from an unbiased professional ensuring they get the
RightMortgage(TM) for their individual needs.




For further information:

For further information: Christina Herancourt, Mark Van Tol, (416)
586-0180, cherancourt@national.ca or mvantol@national.ca; Mortgage Alliance,
Michael Beckette, President & CEO, (416) 499-5454 ext 203

Organization Profile

SENIORS MONEY INTERNATIONAL

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890