Georgia Bank Announces Major Reverse Mortgage Expansion Into Southeastern United States

    GAINESVILLE, GA, May 15, 2011 /24-7PressRelease/ -- First Century Bank N, A. (FCB) of Gainesville, GA announced today that it is embarking on a major expansion of its Reverse Mortgage Division in the Southeast United States. As part of this initiative, FCB will be recruiting Reverse Mortgage Consultants to fill 30 to 50 positions over the next 6-12 months.

According to Daniel Diaddigo, President, FCB Mortgage Division, "FCB is committed to providing outstanding mortgage products in the communities that we serve. The significant growth in our Reverse Mortgage Division is a reflection of the needs in our current communities. Therefore this expansion is a natural extension of our dedication to these additional markets."

The division will be headed by industry veterans Bruce Diaddigo, Pam Martin, and Dennis Loxton, CFP. Mr. Loxton, Regional Vice President, Reverse Mortgage stated, "FCB has long been a leader in providing outstanding mortgage solutions to meet the needs of the community.

The planned growth in the Reverse Mortgage Division extends this vision to other areas in the Southeast that need this product, particularly in today's economic environment."

To learn more about First Century Bank's reverse mortgage division please contact Dennis Loxton at [email protected], (317) 557-5113)

About reverse mortgages:
A reverse mortgage enables older homeowners (62+) to borrow against the equity in their homes without having to sell the home, give up title, or take on a new monthly mortgage payment. In addition, as long as the age requirements are met, and enough equity exists in the home, a borrower can obtain a reverse mortgage.*

The amount of funds you are eligible to receive depends on your age (or the age of the youngest spouse in the case of couples), the appraised home value, interest rates, and in the case of the government program, the lending limit in your area. In general, the older you are and the more valuable your home (and the less you owe on your home), the more money you can get.

Eligible property types include single-family homes, 2-4 unit properties, manufactured homes (built after June 1976), condominiums, and townhouses.

The proceeds from a reverse mortgage can be used for anything, whether it is to supplement retirement income to cover daily living expenses, pay for health care, pay off existing debts, buy a new car or take a "dream" vacation, cover property taxes, and prevent foreclosure.

By law, prospective borrowers must obtain counseling from an independent HUD-approved counseling agency. This is an important consumer protection built into the program to ensure that clients fully understand the reverse mortgage product.

No monthly payments are due on a reverse mortgage while it is outstanding. The loan is repaid when you cease to occupy your home as a principal residence, whether you (the last remaining spouse, in cases of couples) pass away, sell the home, or permanently move out. The amount owed can never exceed the value of your home. Furthermore, if the home is sold and the sales proceeds exceed the amount owed on the reverse mortgage, the excess money goes to you or your estate.

* - Please refer to the terms and conditions of the loan for more information.

About First Century Bank, N.A.
First Century Bank, N.A., is a full service community bank. At First Century Bank, customers deal directly with decision makers, not order takers. Our management and staff are composed of the finest talent in the banking industry and our mission is to create a banking environment that will constantly deliver quality personal service to you.

FDIC information can be found at www.myfirstcenturybank.com or at www.fdic.gov.
For more information, please e-mail [email protected] or call 770-297-8060.

First Century Bank, N.A., is a full service, federally regulated financial institution that is a direct lender with a full complement of mortgage products ranging from reverse mortgages to government (FHA/USDA) and conventional loans. We are a bank that understands the daily issues that mortgage professionals face and have a culture that understands mortgage banking from origination to capital markets execution. Underwriting and operational decisions are made in-house - not by someone else far away.

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