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Real Estate
The Real Estate Adviser |
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July 24, 2008
The Real Estate Adviser: IndyMac raises old fears about reverse mortgages
Bank failures are absolutely more emotional for seniors, especially when mortgage products were built, aimed and sold with them in mind. Ask any mortgage specialist in the reverse mortgages business: reverse mortgages cannot be explained or promoted like any other “forward” instrument. They are more about hand-holding and assuring older citizens that no matter what happens, their future has a monetary cushion for as long as they live in their home.
IndyMac Bank, the parent company of jumbo reverse mortgage specialist Financial Freedom, recently failed. IndyMac was the second-largest mortgage lender in the United States and the seventh-largest savings and loan. The bank reopened as a new entity, IndyMac Federal Bank, operated by the FDIC as conservator.
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Previous columns:
- The Real Estate Adviser: ‘Option ARM-ageddon’: more loan trouble ahead, 07-17-2008
- The Real Estate Adviser: Wondering where to park that yacht?, 07-10-2008
- The Real Estate Adviser: Flexible loans good option if you understand them, 06-26-2008
- The Real Estate Adviser: Real estate IRAs: Know the 4 no-nos, 06-19-2008
- The Real Estate Adviser: New law is bad news for reverse mortgages, 06-12-2008
- Weekend drive could lead to dream vacation property, 06-05-2008
- The Real Estate Adviser: Can't sell? Try keeping your house as a rental, 05-29-2008
- The Real Estate Adviser: That home loan may come with free air miles, 05-22-2008