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 Top Reverse Mortgage Lender Brings New Division
To Help Advisors, Agents Grow Their Business
NEWS RELEASE March 2, 2004 FOR IMMEDIATE RELEASE
Top Reverse Mortgage Lender Brings New Division To Help Advisors,
Agents Grow Their Business
Irvine, CA, (March 2, 2004) – Financial Freedom™, a subsidiary of Lehman Brothers Bank, FSB, and the nation's largest lender and servicer of reverse mortgages, announced today the launch of Financial Freedom Affinity Division, a business development program for non-lender intermediaries, such as financial advisors and insurance agents. The new Affinity Division will be responsible for educating intermediaries on the diverse applications for reverse mortgages and assist intermediaries with identifying opportunities to use reverse mortgages to address clients’ financial needs. “Reverse mortgages have already proven to be an effective financial planning tool for unlocking frozen assets in order to fund LTC plans, annuities or other vehicles as well as to execute tax and retirement planning strategies,” said Craig Corn, Executive Vice President of Financial Freedom. “As this trend has grown, so has the influx of inquiries from intermediaries. Resources and manpower from our Affinity Division will enable us to address advisors’ and agents’ growing need for support.” Intermediaries seeking to learn more about reverse mortgages or who have clients seeking advice on reverse mortgages can gain an introduction to these unique products through the Financial Freedom program. The company has staffed a new group with Business Development Leaders who will tailor the program to fit intermediaries’ needs and level of experience with reverse mortgages. In addition, intermediaries have access to the Financial Freedom’s Institutional Call Center (ICC) via an 800 number, (800-301-6171). Through the ICC, our trained representatives will walk intermediaries through each phase of the reverse mortgage process as well as educate them on the potential use of reverse mortgages for clients’ financial needs. Shortly, Financial Freedom will be introducing PAK, a new Professional Advisor Kit expected to be available this spring. The kit will include valuable business development ideas, case studies illustrating strategies for incorporating reverse mortgages into tax, retirement, and financial planning as well as tutorials on how to use the home to solve wealth transfer and legacy issues. This CD based kit will also include an overview of the company’s new Zero Point Cash Account, the first no fee loan for the reverse mortgage industry. In addition, PAK will contain informational videos that can be used to educate advisors and their clients. The creation of the Affinity Division and the PAK advisor kit are in response to the rising number of inquiries in the area of financial planning and the tremendous growth of reverse mortgages. The industry has seen remarkable growth the last three years, led by Financial Freedom. In 2003, Financial Freedom affirmed its leadership position in the industry by closing a record 13,800 loans. This represents a 93% increase over the company's loan volume and previous industry record in 2002. About Reverse Mortgages A reverse mortgage is a loan that enables homeowners 62 or older to borrow against the equity in their home, without having to sell their home, give up title, or take on a new monthly mortgage payment. The loan proceeds can be used for any purpose, and the loan isn't repaid until the borrower moves out of the home permanently. When the loan is repaid (the repayment amount can't exceed the value of the home), any remaining equity goes to the borrower's heirs/estate. Loan proceeds can be taken out as a line of credit, lump sum payment, fixed monthly payment, or combination. Reverse mortgages have emerged as a significant financial security tool for senior homeowners because of the broad range of needs these loans can satisfy, such as:
About Financial Freedom™ Financial Freedom™ is a founding member of the National Reverse Mortgage Lenders Association. NRMLA is a nonprofit trade association, based in Washington, DC, whose mission is to support the continued evolution of reverse mortgages as an important financial option for senior homeowners while educating both its members and consumers about the varied applications of this unique loan. For more information, visit the Financial Freedom Web site at www.financialfreedom.com. Members sign a Code of Conduct pledging to abide by guidelines that assure fair, ethical, and respectful practices in offering and making reverse mortgages to seniors. For more information, visit the NRMLA Web site at www.reversemortgage.org. Financial Freedom™, based in Irvine, California, is the largest originator of reverse mortgages in the United States. Financial Freedom™ originated $1 billion of home value in reverse mortgages in 2002 and has made more than 30,000 reverse mortgage loans totaling more than $5 billion in home value. Financial Freedom™ is now the largest servicer of reverse mortgages with a servicing portfolio of approximately 32,000 loans. Lehman Brothers Bank, FSB is a subsidiary of Lehman Brothers, the global investment bank. The Bank provides a full range of community banking services to individuals in Delaware, as well as consumer financial services and products, such as mortgage and deposit products, to high-net-worth clients. Headquartered in Delaware, the Bank is expanding its capabilities through the Internet to provide banking services nationally, and plans to offer its products through strategic partnerships with retail and financial organizations throughout the country. Additional information on Lehman Brothers Bank and its services can be found by visiting its website at www.lehmanbank.com. The flag logo, “Financial Freedom,” “The Reverse Mortgage Specialist,” “Cash Account” and “Zero Point Cash Account” are Trademarks of Financial Freedom Senior Funding Corporation, Irvine, California. # # #
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