This is different.

A reverse mortgage lender is offering scholarships to client grandchildren.

Next Generation Financial Services says it will provide up to $50 million in funding to support the program. The scholarships can be used at any of 200 colleges, according to the lender.

As always with any reverse mortgage program, always consider alternatives, look at costs and get independent information from an attorney who specializes in elder law.

Portions of the release are below:

Reverse Mortgage Scholarship Fund

BALTIMORE, MD–(Marketwire – November 27, 2007) – Next Generation Financial Services, one of the leading providers of
Reverse Mortgages for seniors, and SAGE Scholars have teamed up to provide potentially over $50 million in scholarships for the grandchildren of all current and future Reverse Mortgage clients.

Dr. James B. Johnston, the founder and architect of SAGE Scholars, is pleased to announce this strategic partnership between NGFS and SAGE.

“Offering $5000 scholarships to each grandchild of a Reverse Mortgage client makes sense for the whole family. Now grandparents have a way to contribute to their grandchildren’s higher education regardless of their financial situation. There are over 200 private colleges across the country that offer these scholarships. We are excited about this opportunity for hundreds of grandchildren across the country,” states Johnston.

Next Generation Financial Services has written approximately 3000 Reverse Mortgages over the last 5 years. Scholarships in the amount of $5000 will be awarded to any grandchild or great-grandchild of a client who has completed a Reverse Mortgage through NGFS. Moving forward, each new Reverse Mortgage client will be offered the same opportunity. The scholarships can be used at any one of the 200 participating colleges listed at www.tuitionrewards.com. Colleges reserve the right to treat the awards as part of, or separate from, institutional financial aid.

SAGE Scholars (www.tuitionrewards.com) is an education funding and
information provider specializing in college savings and tuition planning. SAGE uniquely brings together scholarships, 529s and other investments, and college search tools to help families and financial professionals plan for college expenses.

For more information about Tuition Rewards through Reverse Mortgages and NGFS, visit www.reversemortgagenation.com and speak to a representative in your local area.

This entry was posted on Thursday, November 29th, 2007 at 3:29 pm and is filed under Reverse Mortgage . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.