Habitat Greensboro Celebrates Mortgage Payoffs for 20 Homeowners

Greensboro, NC: Habitat for Humanity of Greater Greensboro will host a virtual ‘Mortgage Payoff Ceremony’ on Thursday, January 13, 2022. This annual event, sponsored by Bank of America, will honor the 20 Habitat Greensboro homeowners who paid off their mortgages in 2021.

Despite an ongoing pandemic that has caused economic challenges for many in our community, these homeowners have persevered and accomplished a tremendous goal in paying off their homes. David Kolosieke, Habitat Greensboro President and CEO, shared the following thoughts, “Homeownership is the single largest determinant in the wealth gap in the United States. These hard-working families have benefited from a stable, affordable cost of housing, allowing them to build wealth that can be passed down to their children. We celebrate the discipline these homeowners have had in making their monthly payments Now, their homes are truly their own.”

Kolosieke also expressed gratitude to Bank of America for their sponsorship of today’s event. Bank of America has a longstanding relationship with Habitat for Humanity of Greater Greensboro, which includes being a sponsor of this event since 2018, as well as their employees participating in many community builds throughout the years.

This year’s ceremony includes Lorane McIver, who closed on her Habitat Greensboro home on August 10, 2010, and was surprised to have paid off her home in just 12 years.

Lorane shared that when she purchased her home, she was just 24 years of age and a single parent to Malik, then 5-years-old. Says Lorane, “There were days that I would sit on my porch, and tears would just fall down my face because I never thought I would own my own home at 24.”

Over the last 12 years, Lorane worked hard to secure a stable future for her children. She shared that she would round up her payments each month. When tax returns came, she paid more on her mortgage. And, when she would receive bonuses at work, half would go towards the mortgage, and she would use the other half to “spoil” her children.

When the letter came in the mail that she had paid off her mortgage, Lorane found herself once again sitting on the front porch crying. When Malik (now 16-years-old) came home from school and asked his mother what was wrong, she showed him the pay-off statement. He exclaimed, “Are you serious? Are you serious? This is ours? We have got to go celebrate!” When his 10-year-old brother Xavier arrived home, he shared the news and stated, “Now we will always have somewhere to go.”

That’s what a Habitat home means for a family – always having somewhere to go, for children to know the stability that only a home can bring.

Habitat Greensboro made it easier for Lorane to buy a home and provide her children with stability. By working in partnership with homeowners, Habitat Greensboro provides low-income households with a path to homeownership. For more information on Habitat Greensboro’s homeownership program, please visit https://habitatgreensboro.org/homeownership/.

About Habitat for Humanity of Greater Greensboro

Habitat for Humanity of Greater Greensboro works toward our vision of a world where everyone has a safe and affordable place to live.

 

Habitat Greensboro homeowners help build their own homes alongside volunteers and pay an affordable mortgage.

 

Since 1987, Habitat Greensboro has served more than 500 families in Greensboro. In addition to the homeowners served locally, Habitat Greensboro provides funding to its affiliates in Honduras and Jordan, where the organization has helped build nearly 500 homes.

 

Visit our website at HabitatGreensboro.orgfor the latest news and updates.

 

About Bank of America

At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social, and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer, and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Connect with us on Twitter (@BofA_News).

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