IS A REVERSE MORTGAGE FOR YOU??

A reverse mortgage is a special type of loan that enables homeowners age 62 or above to tap the equity they have in their home and receive cash proceeds without taking on a payment. The reverse mortgage is aptly named because the payment stream is "reversed." Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you.

Enhancing your retirement years...The funds from a reverse mortgage can be used for anything. They can be in the form of a lump sum, monthly income stream or line of credit.

Eligibility...A reverse mortgage is easy to obtain. There are no income, asset, medical, employment or credit requirements to participate. You don't even have to own your home free and clear.

No effect on Social Security...One of the best features of a reverse mortgage is that the income is NON-TAXABLE to you and will not affect Social Security, Medicare, SSI or Medicaid benefits you may currently receive.

Safety...You always maintain title and ownership of your home! You maintain responsibility to maintain the property and to pay the real estate taxes and hazard insurance premiums.

To learn more about how a reverse mortgage may benefit you, please call us at 216-621-4440.

Click here to download our informational Reverse Mortgage Guide.

Moses Hill Memorial Scholarships From The Cleveland Chapter of Credit Unions

The Cleveland Chapter of Credit Unions once again awarded three scholarships to students in our chapter area. To qualify for the scholarship award, an applicant must simply be in pursuit of post-high school studies of any kind, including professional, vocational and academic studies not limited to colleges and universities.

Scholarships will be awarded May 20, 2008.

This year's winners are:

Kevin Klonowski
Bernard Domonique Melvin
Keith Baillis

Thanks go to all applicants, and best wishes in your educational endeavors!

You can save time and money with the Credit Union's online bill payment service!

Once you've filled out a simple enrollment form, we'll provide your log on information. Then just go to the Credit Union's Web site and pay your bills with a click of your mouse.

• Eliminates the need to buy stamps
• Pay anyone 24 hours a day
• Pay bills one time or schedule recurring bills to be paid automatically
• Schedule your payments to be paid at a future date
• Set up unlimited payees in your personal database
• View your bill payment history
• View pending payments
• Payments are automatically deducted from your checking account

It's convenient. It saves money. It saves time!

Call today for your enrollment form and start saving time with our online bill payment service!

IRA's - Planning For Your Future

Your annual retirement contribution for both Traditional and Roth IRAs is $3,000 per person ( or $6,000 per married couple filing jointly), and you have until April 15th of each year to make your contributions for the previous tax year.

Please don't over-look the tax saving potential and value of an IRA investment. The great tax-deferred earnings of an IRA allow your retirement dollars to grow over time.

In fact, a regular IRA can be more than just a great tax-deferred investment program. Your contributions to a regular IRA may be tax-deductible once specific income requirements are met. In addition, your spouse can also make annual deductible contributions to a regular IRA, even if your spouse is covered by an employer-sponsored retirement plan.

And, although Roth IRAs are not tax-deductible, you may still benefit from the ability to withdraw earnings tax-free.

To determine whether an IRA or another retirement investment program is right for your specific financial goals, contact a Cleveland Police Credit Union Registered Representative today at (216)621-4440.

Securities offered through Financial Network Investment Corporation, Member SIPC. Financial Network Investment Corporation and Cleveland Police Credit Union are not affiliated companies.

Investments are: - not NCUA insured - May Lose Value - Not a Deposit - No credit union guarantee - Not Insured By Any Federal Government Agency

New Private School Tuition Loan Program Offered!

Your Credit Union now offers a tuition loan for our members who's children attend private grade, secondary, and/or high school.

Loan terms are 12 months at 7.99% rate, and the checks are made payable right to the school!

See one of our loan officers for an application.

We Need Your Help!

We are looking for pictures of the following three men who were past Presidents of our Credit Union: Theodore Ryan (was our FIRST President from 1938 - 1944) Harry Weis (was the second person to hold President position) and Joseph Kennedy (third person to hold President position). Any help would be appreciated. Thanks.