LAGUNA WOODS

Rep. Christopher Cox (R-Newport Beach) and officials from the Federal National Mortgage Assn. will be on hand Wednesday to explain a new loan program for co-op residents. The so-called reverse mortgage allows residents to use their co-op membership equity to acquire cash without incurring monthly payments. The loan does not have to be repaid until the member dies, sells or moves out of his or her residence. Applicants must be 62 years old, reside in a co-op and have sufficient equity in their unit. The maximum loan amount is $240,000 and the interest rate is variable. The workshop is set for 9 a.m. Wednesday at Clubhouse One. Information: (800) 732-6643.