New versions of reverse and asset-integrated loans.

Reverse mortgages and assetintegrated mortgages have been hot topics among mortgage marketers lately.

Both are seen as promising innovations that could increase dramatically in popularity in coming years.

This week, two companies announced they were offering new configurations for which they have high hopes.

In San Francisco, Transamerica HomeFirst says it has added a new model to its line of reverse mortgages. And in Atlanta, Investment Mortgage Corp. has introduced a homemortgage plan that allows homeowners to build equity in their property and establish. a longterm savings program at the same time.

The Transamerica plan allows individuals 65 and older who own a home valued at $100,000 or more to borrow money against the equity in. their property.

Reverse mortgages usually make regular monthly payments to the borrower.

However, the new product allows the individual to borrow on his or her own schedule little by little or all at once. The senior continues to live in and own the home while using the funds. The debt is paid when the borrower dies or decides to sell the house.

The available credit is also revolving. It can be paid down and reborrowed.

No salaried income is needed to qualify for such an account, the company said. The loan is due when the homeowner chooses to sell or permanently leave the home.

"We've designed Cash Account in response to requests from seniors who feel they don't need a regular monthly income," said Peter Mazonas, president and chief executive officer of Transamerica HomeFirst, which is pan of Transamerica Corp., San Francisco.

"They instead are looking for the peace of mind that comes from knowing they have a ready source of money to be used whenever and' however they desire."

The maximum line of credit available depencls on the borrower's age and home value. The minimum draw is $500. A variable interest rate - five percentage points above the one-year Treasury rate- is charged only when funds are dram.

The product is available in California, New Jersey, New York, and Pennsylvania.

Atlanta-based Investment Mortgage says part of the appeal for its mortgage-and-savings plan is that it can be tailored to provide funds for children's education; for expansion of the home: or for early payoff of the loan to coincide with retirement.

Such mortgages are new in the United States, according to Investment Mortgage, but not in Europe.

Since early in this century, they have been the "mortgage loans of choice" in the United Kingdom, where it now accounts for about two-thirds of all home loans, the company said.

Here's how the mortgage works:

The principal balance does not amortize with each payment. It remains the same throughout the loan's term even though the total monthly payments are about the same as would be paid with a conventional loan.

The money that would norreally be used to reduce the principal is, instead, fed into a life insurance fund that builds in value for the borrower with each payment.

At the end of the loan term, there is enough cash value accumulated in the fund to pay off the loan, plus a cash payment to the borrower.

The loan also is usually insured so that they principal balance is paid upon the death of the borrower.

In most cases. a borrower who retains one of these mortgages for 30 years can receive from 25% to 35% of the loan amount in cash.

The loan is packaged by Investment Mortgage Corp.

It says the plan is available or will be soon in a dozen states, according to Roger Pell, executive vice president.

Another advantage of these loans are 'special tax benefits, according to Mr. Pell.

The loan takes advantage of two important tax benefits - tax deductibility of mortgage interest and the tax-deferred growth of insurance cash values.

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