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 Financial Freedom™ Continues to Dominate the Reverse Mortgage Market --
Financial Freedom™ Caps 4 Consecutive Months Of Record Loans
NEWS RELEASE May 13, 2003 FOR IMMEDIATE RELEASE
Financial Freedom™ Continues to Dominate the Reverse Mortgage Market -- Financial Freedom™ Caps 4 Consecutive Months Of Record Loans -- Irvine, CA, (May, 13) – Financial Freedom™, a subsidiary of Lehman Brothers Bank, FSB, and the nation’s largest lender and servicer of reverse mortgages, affirmed its leadership position in the industry with four record months of loan origination. Between January 1 and April 30, Financial Freedo™ originated 3661 loans, a 68% increase over the same period from last year. This loan production represents a roughly 50% market share of a very vigorously growing reverse mortgage market. “We’ve basically originated more loans so far this year than our nearest competitors did for all of 2002,” said Jim Mahoney, president of Financial Freedom™. “Our robust growth is driven largely by widening consumer understanding and appreciation of reverse mortgages’ ability to address a wide range of financial needs, especially important during difficult economic times.” Financial Freedom’s loan volume is comprised mainly of FHA’s Home Equity Conversion Mortgage or HECM, the predominant reverse mortgage product in the marketplace, and the Financial Freedom™ Cash Account™, which is the only jumbo reverse mortgage available and is designed for homes in excess of $450,000 in value. Reverse Mortgages Explained Reverse mortgages enables senior homeowners 62 or older to convert part of the equity in their home into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. Borrowers will never, under any circumstances resulting from the reverse mortgage, be forced to leave their homes providing they make their real estate property tax and insurance payments. Borrowers can choose to receive the reverse mortgage funds as a lump sum, monthly income (for up to life), or line of credit, or any combination. Borrowers can use the funds anyway they wish and they make no monthly payments on a reverse mortgage during the life of the loan. The loan becomes repayable when the borrower sells the home or permanently moves out. In addition, the repayment amount can't exceed the value of the home 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. 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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