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Firm To Sell Reverse Mortgages Through Bank Group

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NU Online News Service, March 15, 2004, 10:53 a.m. EST – Financial Freedom Senior Funding Corp., Irvine, Calif., has arranged to market reverse mortgages through banks that belong to the Independent Community Bankers of America, Washington.[@@]

Financial Freedom can help participating banks with the lending process as well as with training, customer support, bank support and marketing support.

Financial Freedom, a unit of Lehman Brothers Inc., New York, handles about half of all U.S. reverse mortgage loans.

A reverse mortgage is a vehicle that older homeowners can use to cover living expenses by borrowing against the value of their homes. Borrowers do not have to repay the loans until they permanently move from their homes, Financial Freedom says.