HW Media connects and informs decision makers across the housing economy. Professionals rely on HW Media for breaking news, reporting, and industry data and rankings. Moving the Housing Market Forward.
Financial FreedomProductsReverse Mortgage

Financial Freedom Begins To Phase Out HECM 100

image Financial Freedom is officially starting to phase-out the HECM 100 and HECM Advantage products.  They recently sent out information to its correspondents that set out the timetable under which that suspension will be phased in..  They did note, that at any point, market conditions improve to the point that we judge the 100 and Advantage programs to be sustainable, they will promptly advise us and modify or terminate the phase-out schedule as applicable.  They will still be offering the standard HECM 150.

This shouldn’t be a surprise as we have seen other lenders stop offering the product starting at the end of last month.  The phase-out method is a much better alternative to just halting all funding of the program like a few lenders did.  While they may be discontinuing the HECM 100 and HECM Advantage, Financial Freedom is also planning to release their new HECM Fixed this Wednesday and a Libor based product by the end of the month.  Be sure to stay tuned to RMD for the latest updates on the products.

Technorati tags: , , , , , ,

Latest Articles

HW+ Member Spotlight: Tom O’Donoghue HW+

This week’s HW+ member spotlight features Tom O’Donoghue, owner at Reverse Loans Now. O’Donoghue has been in mortgage banking for more than 30 years and has been helping and committed to working with Senior Citizens for the last seven years. HW Media: What is your current favorite HW+ article and why? Tom O’Donoghue: How inflation could be a net benefit […]

Aug 12, 2022 By