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Reverse Mortgages - Financial Freedom Cash Account

Several years ago, Financial Freedom Senior Funding Corporation, based in Irvine, CA, introduced a "jumbo" proprietary reverse mortgage product called Cash Account to benefit homeowners living in higher-priced homes valued above the FHA and Fannie Mae lending limits.

Additionally, this product may work well for unusual properties or situations, not typically allowed by FHA and or Fannie Mae. Financial Freedom is a subsidiary of IndyMac Bank, F.S.B.

In 2004, Financial Freedom introduced the Simply Zero Cash Account�, the first-ever reverse mortgage loan to eliminate all up-front costs.

With the Simply Zero Cash Account, borrowers are required to draw 100% of their maximum available benefit at loan closing, however Financial Freedom� has kept the interest rate structure the same as its standard Cash Account�, and remains the only "jumbo" reverse mortgage products available.

Simply Zero was developed following a successful roll out of the Zero Point Cash Account in 2003.

Both products provide homeowners age 62 and older with the ability to convert their home equity into cash without having to sell their home or assume monthly payments. In addition, both boast numerous consumer safeguards that have become standard in the industry, including third party counseling to ensure the borrower understands the terms of the loan and that the loan is appropriately matched to the borrower�s needs.

Currently, the program is not available in every state. Visit Financial Freedom�s website for more complete details.

http://www.financialfreedom.com/

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