Financial Freedom Expands Jumbo Reverse Mortgage Offering
Financial Freedom, a unit of IndyMac Bancorp, is expanding its jumbo reverse mortgage offerings so it can originate loans with higher loan limits.
Seniors who opt for the new mortgage and take out the entire amount in one lump sum — instead of as a line of credit — do not have to pay closing costs or fees.
Financial Freedom is targeting borrowers that own homes worth more than the home equity conversion mortgage loan limit of $362,790. HECMs are loans insured by the Federal Housing Administration.
Reverse mortgages allow borrowers older than 62 to tap the equity built up in their properties. Borrowers can receive payments in lump sums, monthly installments, or as lines of credit. The principal paid out by the bank, along with accrued interest, is not due until the borrowers vacate the homes.
Source: Bank Net 360
