BLOOMINGTON, Ind. – Monroe Bank is happy to announce that we are now offering reverse mortgages. Senior homeowners are increasingly turning to reverse mortgages as a new source of cash to pay off existing mortgage or credit card debt, or to finance home repairs and medical expenses. Now, more than ever, reverse mortgages are providing the means for seniors to move forward in life.

Those interested in learning more about reverse mortgages can call either Marsha Keith, at (812) 331-3542, or Mary Jo Huffman, at (317) 571-2069 or (800) 975-6099. They can also attend one of two scheduled Reverse Mortgage Seminars. These free seminars, called “Just the FAQs: Answers to Common Questions About Reverse Mortgages”, will take place on Thursday, June 22 at 10 a.m. and again at 2 p.m. at Monroe Bank’s Kirkwood Banking Center, 210 E. Kirkwood Ave in Bloomington. To reserve a seat, call (812) 331-3438 by

June 20.

Reverse mortgages allow homeowners who are at least 62 years of age to capitalize on the value of their homes. These special loans do not have to be repaid until the borrower(s) no longer maintain the home as their primary residence. “We feel that reverse mortgages allow seniors to tap into a previously unrealized cash source,” explains Marsha Keith, VP, Mortgage Loan Manager. “Most seniors have no idea what a wonderful retirement investment they have access to in their homes.”

The amount of money available to the borrower is typically determined by the value of the home, interest rates and the age of the borrower. The older the borrower, the more money they will be able to receive. Proceeds from the loan, which are tax-free, can be received in the form of a lump sum, monthly payments, a line of credit (in most states) or a combination of these options. The most popular choice for borrowers is the line of credit because, under the reverse mortgage program, the unused line actually increases over time.

Some seniors still wonder whether a reverse mortgage is a safe investment. “There are many reasons why a reverse mortgage is a safe and secure income option,” says Mary Jo Huffman, Monroe Bank’s Reverse Mortgage Specialist. “The first reason is that the homeowner continues to own their home and their name remains on the title. Second, there is no personal liability on the mortgage, so debt cannot be passed on to heirs. Finally, neither the borrower nor the heirs can ever owe more that the value of the property when the loan comes due. No assets other than the home will be used to repay the loan and any equity remaining after repayment of the debt belongs 100% to the borrower or the heirs.”

Monroe Bancorp, headquartered in Bloomington, Indiana, is an Indiana bank holding company with Monroe Bank as its wholly owned subsidiary. Monroe Bank was established in Bloomington in 1892 and offers a full range of financial, trust and investment services through its 17 offices in Central and South Central Indiana. The Company's common stock is traded on the NASDAQ® National Stock Market under the symbol MROE.

###