Special to
L’Observateur

Power Mortgage of LaPlace is pleased to announce Thomas Smith Jr. has joined the company as senior loan originator.

Smith, a long-time community bank executive, will primarily focus on reverse mortgages, a retirement tool for homeowners aged 62 and older.

A reverse mortgage is a government-backed, tax-free loan program that allows a senior homeowner to convert some of their home equity into a lump sum payment, line of credit or monthly check for the rest of their life. Essentially, the reverse mortgage loan pays off any existing mortgage and allows the homeowner to cash out a portion of the equity. 

According to the U.S. Department of Housing and Urban Development, more than 880,000 seniors have taken advantage of this program nationally since its inception in 1990. 

“Louisiana appears to be a little behind the curve,” Power Mortgage General Manager Wilson Smith said. “We are focused on educating the seniors in our community on this viable option to supplement their retirement income. With Tom’s vast experience in banking, lending and retirement planning, he was a natural fit for the company.”

Smith is available to meet with senior homeowners for free consultations. 

“HUD has introduced numerous reverse mortgage programs for seniors, even for those considering buying or building a new home,” Smith said.  “Each individual situation is unique and it is important that seniors take the time to evaluate their options.”

Power Mortgage is located at 658 Belle Terre Blvd. in Laplace and can be reached by calling 985-653-7900 or emailing info@powermtg.com.