Financial Freedom and Indymac Update
With the collapse of Indymac, many were curious about their reverse mortgage division, Financial Freedom.
Here is what we found…
Reverse Mortgages
These mortgages let people 62 and older borrow money against their home equity and remain in the home. Repayment is deferred until the owner dies, sells the home or enters a nursing home. Borrowers can take out their equity in a lump sum, in installments or when needed, like a line of credit.
Some seniors have been wondering how the FDIC’s takeover of IndyMac will affect their reverse mortgages, particularly any unused portion of their loan.
Gray says, “It should be business as usual for these folks. We are honoring all existing terms and conditions.”
Financial Freedom “is an independent subsidiary. It’s still running. It has franchise value. We would expect to sell it off. But those contracts in place will continue,” he said.
IndyMac customers can get more information at (866) 806-5919
