HOMEOWNERS CAN FIND FINANCIAL PROSPERITY FROM THE EQUITY IN THEIR OWN HOME

Contact:
Thomas Woodard
R&J Communications
973-331-1070 Ext. 3035
twoodard@rj-adv.com

FOR IMMEDIATE RELEASE

HOMEOWNERS CAN FIND FINANCIAL PROSPERITY FROM THE
EQUITY IN THEIR OWN HOME

Parsippany, NJ, (August 15, 2000) - With the economy remaining hot and consumer spending on the rise, U.S. homeowners are in position to reduce interest rates on high financial debt or acquire additional capital for large purchases by using the equity built up in their home, according to Don Mather, Senior Vice President of Champion Mortgage.

By leveraging the equity built up in your home, you can lower monthly payments and reduce interest rates significantly, while helping to get your financial situations in order, says Mather.

"Many people are unaware of just how much interest they are paying," continues Mather. "But at the same time homeowners could be missing out on the benefits of using their own home to help relieve the situation."

Mather explains that home equity's can benefit and help in these common areas:

· Debt Consolidation - According to the Consumer Credit Counseling Service, Americans have too much debt if they are spending more than 15 percent of their net income to repay unsecured credit (credit cards, students loans, etc.).
· Home Improvement - Using the home can help cover the cost of new roofing or siding, heating or cooling system upgrades or a remodeling job.
· Higher Education - The home can help with covering some of or all the costs of an education, especially if the homeowner is ineligible for financial aid.
· Medical Costs - Instead of draining savings accounts to pay high deductible costs or for procedures not covered by health insurance, use the home to receive the appropriate treatment and to cover any extra costs.

But although a home equity loan can benefit most homeowners, Mather warns that they are not a quick fix to debt or poor financial situations.

"Slowing the spending is the first step to putting the financial house in order," said Mather. "Home equity can help people begin to repay debt on credit cards or other personal loans, but financial responsibility is the ultimate key when recovering from debt."

Due to the recent increase in interest rates, Americans have accumulated an average per household debt of $10,000. The sudden rise in debt situations is partly attributed to interest rate charges alone.

Mather concludes, "With the average interest rate on a standard credit card reaching the highest ever at 17.08 percent, homeowners are in position to explore the opportunities of home equity loans to help relive debt, consolidate bills, lower interest rates and provide for tax deductions."

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Editor Note: If interested in speaking with Mather, to obtain photo headshots, or to receive an electronic (color) version of a "U.S. Debt Per Household" graphic, please contact Tom Woodard at (973) 331-1070.