Community Dividend

Community Affairs Officer's note - Issue 1, 2004

Community Affairs Officer's note - Issue 1, 2004

Jacqueline Nicholas | Community Affairs Officer

Published August 1, 2004  | August 2004 issue

Homeownership is often described as our best available wealth-building tool. It’s how most of us define the American Dream. Two features in this issue reflect the full circle of homeownership, as many Americans experience it. Our profile of Glacier Affordable Housing Foundation (GAHF) describes a Montana partnership that helps low- and moderate-income families purchase homes. Many of them are young and just starting out in life. GAHF’s assistance is bridging the gap between their hard work and the high entry costs of homeownership. Our main feature explores reverse mortgages, which allow older homeowners to borrow against their equity without making loan payments. These products are an increasingly attractive option for senior citizens who want to stay in their homes while maintaining a comfortable standard of living. Reverse mortgages can repay older homeowners for years of hard work by helping them address a variety of financial needs. As both features indicate, homeownership can have profound effects on individuals and families, no matter what stage of life they have reached.