Reverse mortgage lenders Financial Freedom

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Fitch Ratings recently affirmed Financial Freedom’s primary servicer rating for its reverse mortgage portfolio but revised its outlook from Positive to Negative. Financial Freedom, a division of OneWest Bank, has an RPS3 rating, which denotes it has demonstrated “proficiency” in overall servicing ability. “The servicer rating affirmation reflects the established operations of Financial Freedom, which continues […]

September 12th, 2011 | by John | published in , ,

My name is Michael Perry. I am the former Chairman and Chief Executive Officer of IndyMac. Anyone in the reverse mortgage business knows plenty about IndyMac Bank, which was the owner of Financial Freedom before the FDIC took over the bank in July of 2008. Michael Perry, former CEO and Chairman of IndyMac Bank, is […]

August 3rd, 2011 | by John | published in , , ,

In the wake of the housing crash and exits from three of the largest reverse mortgage lenders, the industry is headed toward its third straight year of loan volume decline reports Reuters. Last year, volume was down 37% from its peak in 2008 and this year it’s expected to fall again according to John Lunde, […]

June 3rd, 2011 | by Elizabeth | published in , ,

OneWest Bank laid off 65 employees last week at its Financial Freedom offices in Irvine, California, the company told the Orange County Register today. The layoffs took place on May 26 and have been completed, according to OneWest. The layoffs come following OneWest’s decision to close down Financial Freedom and exit the reverse mortgage business, […]

March 21st, 2011 | by John | published in , ,

Financial Freedom is shutting down all reverse mortgage channels according to an official letter addressed to business partners from CEO Michelle Minier, sent today. “After careful consideration, we have decided to exit the wholesale reverse mortgage origination business based on the regulatory environment and the desire to focus on the bank’s core businesses, ” she said. […]

March 9th, 2011 | by Elizabeth | published in , ,

Two industry veterans have teamed up to launch a new reverse mortgage entity, National Senior Home Equity, that aims to roll up broker shops to aggregate industry volume and consolidate market share. Bart Johnson, former president of Financial Freedom and Tony Garcia, current proprietor of Liberty Street Financial, have pooled their experience to raise $5 million in […]

December 8th, 2010 | by John | published in , ,

Financial Freedom released an adjustable rate HECM product with a 200 margin and no servicing fee to wholesale customers on Tuesday. While other wholesalers like Live Well Financial have offered a no SFSA for adjustable rate reverse mortgages to brokers, Financial Freedom’s margin makes it the best in the market said several brokers on Wednesday.

Back-up plan: reverse mortgages can help folks afford retirement, but are they a good offering for insurers with banks?(Life: Reverse Mortgages)(Statistical table): An article from: Best's Review
Book (A.M. Best Company, Inc.)

3 to 5 year minimum

2009-01-31 11:30:30 by RM_Guy

If you are considering a reverse mortgage, plan on staying in the home for at least 3 to 5 years. I do not advise a shorter time period. The longer you have a reverse mortgage the less expensive the closing costs become. This is because you spread the costs over a greater number of years, thus lowering the annual costs.
In this respect they are similar to a "forward" mortgage. You would not get a 30 year forward mortgage if you knew you were leaving the home in 2 years, too expensive.
There are no "points" in a reverse mortgage. HUD does not allow such deception in reverse mortgages

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  • Avatar Scott B IndyMac owns Financial Freedom. Is it still safe to get a reverse mortgage with Financial Freedom?
    Jul 19, 2008 by Scott B | Posted in Personal Finance

    We are in the process of signing papers with Financial Freedom but I worry about them since the government seized their parent company IndyMac Bank. They say they can still make loans, but I worry if they will be able to continue the monthly payments. If I went with them, could I transfer to another lender at a later time?

    • I am told Financial Freedom is OK. If you did want to switch at a later date, you would have fees to pay. I have used Financial Freedom, but prefer Bank of America. We have wholesale account with both of them, as well as with JB Nutter.