Indymac Bank Closure may hurt Seniors' retirement planning options

On Friday, July 11, 2008 the Federal Government closed Indymac Bank. It then reopened the bank under Federal oversight (FDIC) as Indymac FSB. This closure not only effects depositors and Home loan seekers, but it also means trouble for the largest Reverse Mortgage lender, Financial Freedom. Financial Freedom is a subsidiary of Indymac Bank, and was the number one provider of Reverse Mortgages to US seniors.

Where should seniors look to now to find safe, secure Reverse Mortgage options? NorStar Mortgage Group offers multiple programs for Reverse Mortgages, including the FHA backed HECM Reverse Mortgage. (Home Equity Conversion Mortgage).

Reverse Mortgages can be used to payoff an existing mortgage, payoff consumer debts, provide cash to invest elsewhere, and much more. Available options include Lump Sum payment, Monthly Payments to you, a line that you can draw against, or combinations of the former. A savvy investment strategy when buying a new home in retirement should explore the option of using a Reverse Mortgage on your new purchase. Call us to explain how this might benefit your individual financial picture.

With a Reverse Mortgage you no longer have any payments, period. You also get to retain Title to your home. The home is safe for your estate planning as the Bank does not get to own your home. If you pass away, or no longer keep the home as your primary home, the balance of the loan is then due. This allows heirs to payoff the Reverse Mortgage and retain the home if they wish. Contrary to popular belief, Banks do not want to own your home. Call us today to see if the Reverse Mortgage might be the right solution for your finances. 866-900-2342, ask for Brian Skaar or visit us online at www.norstarhome.com.

We service all of Louisiana, Alabama, Geortia & Tennessee.