|
|||||
|
|
|
|
|
|
|
 Financial Freedom™ Top Reverse Mortgage Lender
For Third Quarter of Fiscal Year 2003
-- Industry Leader Continues Dominance --
NEWS RELEASE October 22, 2003 FOR IMMEDIATE RELEASE
Financial Freedom™ Top Reverse Mortgage Lender
For Third Quarter of Fiscal Year 2003
-- Industry Leader Continues Dominance -- Irvine, CA, (October 22, 2003) – According to a recent Mortgage Bankers Association of America quarterly report, Financial Freedom™, a subsidiary of Lehman Brothers Bank, FSB, and the nation’s largest lender and servicer of reverse mortgages, is the top Home Equity Conversion Mortgage (HECM) originator in the nation for the third quarter of the current fiscal year. With more than 3,617 HECM endorsements in the third quarter, Financial Freedom™ has set another industry record for a three-month period. In addition, Financial Freedom™ more than doubled its loan volume during this three-month period over the same period from last year. Financial Freedom™ also funded approximately 9,540 loans in the first nine months of this year, which represents a 90% increase over the same period from last year. “Our success illustrates the maturation of the industry and is directly attributed to the hard work of our loan officers at our branches as well as the many loan originators we work with at community banks and independent brokerages,” said Jim Mahoney, CEO of Financial Freedom™ Senior Funding Corporation. Insured by the federal government through the Federal Housing Administration, an arm of the Department of Housing and Urban Development, the Home Equity Conversion Mortgage or HECM, is the predominant reverse mortgage product in the marketplace. Financial Freedom™ also provides the only jumbo reverse mortgages, the Cash Account, and the new Zero Point Cash Account, which are 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. # # #
|
|
||||||||||||||||||
 |
Home | Your Privacy | Terms of Use |
| Copyright 2001 Financial Freedom Senior Funding Corporation. All rights reserved. |
|
|
|
|
|
