PHILADELPHIA, Feb. 7, 2013 /PRNewswire/ -- Colonial Penn Life Insurance Company today announced a new sponsorship of AARP Foundation's efforts to increase awareness of housing issues facing at-risk Americans age 50+.
Colonial Penn, the national direct marketer of life insurance products, will sponsor AARP Foundation's Housing Solutions Center, whose objective is to connect age 50+ at-risk homeowners to free HUD-certified counseling, resources and education that will help them avoid foreclosure and remain in their homes. Information on the Center will be included in Colonial Penn's nationwide direct mailings and television commercials, and posted on their website.
"Since 2007, an alarming rate of older Americans have either lost their homes or are under water," said Gerardo Monroy, President of Colonial Penn. "Colonial Penn's market is mainly comprised of Americans over the age of 50 and the issue of affordability and accessibility of housing for these Americans hits close to home. We're proud to be working with AARP Foundation to bring greater understanding of the issues facing this important demographic and to increase awareness of the resources available to help them."
The Center provides support, resources and information to determine potential alternatives to the foreclosure process. This includes a toll-free hotline to reach a HUD-certified counselor, advice on preparing for counselor appointments, information on how to avoid foreclosure such as loan modifications, and how to recognize foreclosure rescue scams. In addition, the Center provides grants to organizations that rehabilitate homes for people age 50+ that have fallen in disrepair and need safety improvements.
"AARP Foundation recognizes as people age, their need for safe and affordable housing grows more critical," said Jo Ann Jenkins, AARP Foundation President. "Yet today, approximately 13 million low-income 50+ households in America cannot afford their housing costs and/or live in inadequate housing. The goal of AARP Foundation's Housing Solutions Center is to address the most critical needs of these households and provide the tools to help them stay in their homes. We are pleased to receive support from Colonial Penn on this important initiative."
About Colonial Penn Life Insurance Company
Colonial Penn specializes in offering insurance directly to consumers at affordable prices. The nationwide company, a subsidiary of CNO Financial Group, Inc. (NYSE : CNO ), was a pioneer in designing insurance products to meet the needs of the mature market. With nearly 900,000 life insurance policies and $3.2 billion of life insurance inforce, we're proud to be serving insurance needs all across America. Visit Colonial Penn online at http://www.ColonialPenn.com.
SOURCE Colonial Penn Life Insurance Company