Press Release

June 7 14, 1997
"Making the American Dream A Reality"
MEDIA RELEASE
LOCAL LENDER HONORED

Sacramento, CA: As part of the celebration of National Homeownership Week, the U.S. Department of Housing and Urban Development today honored Bonnie and Lloyd Daniel, owners of the Senior Loan Center for their continued efforts to help seniors maintain the ownership of their homes. The Senior Loan Center deals only in reverse mortgages, the most popular of which is HUD FHA's Home Equity Conversion Mortgage or HECM as it is called. A HECM allows seniors to convert a portion of their home's equity into cash. No repayment is due as long as the seniors live in their home and there is no restriction on how the money is spent.

In a surprise ceremony held at the Daniel's office, Deanna Smith and Lorraine Perez, both Branch Chiefs from the San Francisco HUD office recognized Bonnie and Lloyd for their work with senior citizens. Ms. Smith noted that, "Mr. and Mrs. Daniel are responsible for helping over 500 senior homeowners during the past five years. Many would have lost their homes if it weren't for the good work of the Daniel's."

Mr. and Mrs. Daniel were pioneers with the HECM program. They started working with the program shortly after it was approved by Congress and well before HUD FHA provided any written guidelines. By the end of 1993 they had funded just under 50 reverse mortgages. In 1994 they decided they wanted to devote all their efforts to reverse mortgages and they started the Senior Loan Center. They closed their 500' reverse mortgage two years later, in November of 1996.

Today, the Senior Loan Center offers four reverse mortgages. 'In addition to the HECM, they offer Fannie Mae's Homekeeper loan, and the reverse mortgages offered by Transamerica and Financial Freedom reverse mortgage companies. Lloyd Daniel says, "One of the great advantages to the senior borrower in coming to the Senior Loan Center is that because we offer four reverse mortgages, we can give our customers a full choice of all of the programs."