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RISMEDIA. Dec. 17. 2007–Financial Freedom the Irvine. California-based reverse mortgage lender denies any wrongdoing in a inspect charging they used unlawful sales practices targeting seniors by inflating fees and using the proceeds to purchase additional financial products. The U. S. Senate Special Committee on Aging heard testimony measure Wednesday following its heightened concern over lawsuits recently filed against companies offering these types of loans. In a statement released by Joel A. Schiffman. Senior Vice President/General discuss of Financial Freedom Senior Funding Corporation (Financial Freedom) the company reported. “Applicable privacy laws preclude us from providing a detailed response to the specific allegations asserted against Financial Freedom by Carol Anthony at the hearing but we conclude compelled to provide some important accent.” According to a spokesperson for Financial Freedom. sing Anthony is the daughter of a woman who purchased a reverse mortgage from another company that was purchased by Financial Freedom and because of that. Ms. Anthony’s testimony against Financial Freedom was misdirected. “First contrary to the allegation made during the hearing. Financial Freedom did not make the loan that was the affect of Ms. Anthony’s testimony,” Mr. Schiffman said. “Second. Financial Freedom fervently denies the allegations that have been made and we are comfortable that Financial Freedom acted properly at all times. He continued. “For the record. Financial Freedom simply purchased the loan after it had been closed by the original lender. Senior Freedom Corporation Funding and referred to in Ms. Anthony’s testimony as Senior Financial Freedom (which in no way is affiliated with Financial Freedom). Regretfully the similarity between names has caused unwarranted cerebrate on Financial Freedom.” In a separate story a suit filed on behalf of Ernestine Boach against Financial Freedom states that she was allegedly conned into purchasing a reverse mortgage with exceptionally high fees and then sold several insurance and annuity products with the proceeds. The case. Ernestine Boach v. Financial Freedom Senior Funding Corporation was filed in San Diego Superior Court on January 11. 2007 and alleges that the Boach was advised to take out a reverse mortgage from Defendant Financial Freedom Senior Funding Corporation for $171,000 on the home she owned. The proceeds of which were to be used to purchase insurance products including a Fidelity and Guaranty deferred annuity with enormous surrender charges for $80,000 and a $44,350 immediate annuity to fund payments on a $250,000 flexible premium life insurance policy (also containing yield charges). Boach’s San Diego attorney Ronald A. Marron claims that this is an instance of a pervasive “equity stripping scheme” which involves Financial Freedom’s agents working in tandem with insurance brokers using reverse mortgage proceeds. Financial Freedom Senior Funding Corporation received a formal invitation on December 7. 2007 to declare before the Senate Special Committee on Aging on December 12 in Washington DC. Given schedule conflicts. Financial Freedom was unable to attend the hearing in person but submitted the attached testimony in writing. Financial Freedom representatives have volunteered to go the Washington after the first of the year to meet in person with the senators on the committee and theirs staffs and this idea has been favorably received. We look send to working with the committee on these important issues. As the oldest and largest reverse mortgage lender and servicer in the industry more seniors have chosen Financial Freedom than any other lender for their reverse mortgages. Financial Freedom has been dedicated to a single mission: enhancing the lives of seniors by providing financial security and independence. We recognize the special needs of seniors and have been instrumental in working with National change owe Lender’s Association (”NRMLA”) the industry’s trade group and AARP to develop best practices policies and consumer safeguards to protect seniors and open the reverse mortgage as a credible financial planning tool. Consumer SafeguardsThe specific consumer safeguards Financial Freedom has incorporated into its standard business practices with respect to reverse mortgages include the following: 1. Our Reverse Mortgage Specialists provide each senior borrower with a side by side illustration of three different reverse mortgage products as well as the benefits and options available created by Financial Freedom’s innovative proprietary software schedule. change Mortgage Analyzer (RMA). 2. We back up all of the senior borrowers’ advisors both personal and professional to meet with our loan representatives to review the needs and options available to that senior. 3. As required by law we verify that our senior borrowers are provided counseling from HUD approved specially trained counselors who are independent of Financial Freedom so that they receive an objective review of the product prior to processing an application or the borrower incurring any costs. 5. Annuity Disclosure - Financial Freedom recognized there was a void of information regarding reverse mortgages and annuities. In response we developed a specific annuity disclosure that provides objective information on combining reverse mortgages and annuities. A copy of this consumer friendly but informative piece has been attached as Appendix “A” to our written testimony. We also include one to two specific annuity disclosures depending upon the jurisdiction that are incorporated into our application package and final closing package which state that Financial Freedom does not demand offer or lay the purchase of annuities in connection with the reverse mortgages we offer. Both disclosures are signed and dated by the borrower. It is also Financial Freedom’s policy not to permit annuities to be purchased with the sign disbursement of proceeds from the reverse mortgage. 6. After the closing an independent customer satisfaction analyse is mailed to each senior borrower to obtain an opinion and comments on the give affect. 7. Proceeds from the sign disbursement of all reverse mortgages may only be paid (i) to discharge any existing liens on the property. (ii) to pay contractors for any repairs performed as a condition of closing. (iii) to pay the initial mortgage insurance premium (if applicable). (iv) pay fees the lender is authorized to collect and (v) directly to the borrower or the borrower’s representative. 8. Financial Freedom does not offer endorse or advise the purchase of any other financial or insurance product or service. We alter it very clear to all customers that they do not need to acquire any other product or function in order to obtain a reverse mortgage. 9. All Financial Freedom employees are W-2 employees that undergo no other employment with real estate financial services and insurance or securities firms and annually attest in writing that this is the inspect. These practices are intended to assure that senior borrowers and their advisors are provided with objective complete and honest information to back up them in selecting the right reverse mortgage schedule and product options. They are also designed to create a clear separation in the senior’s object between their reverse mortgage transaction and any other product or service they might consider purchasing with proceeds from their reverse mortgage loan. Our goal is to ensure that the change by reversal solution (loan) is matched to the borrower’s needs. As a result our borrowers are well informed of their options when they act out a reverse mortgage from Financial Freedom and know that they are in control of their financial situation. Borrowers’ Use of Reverse owe ProceedsOf course there are no limitations on how borrowers may choose to spend their reverse mortgage proceeds after the loan funds. Outside of the loan transaction itself borrowers can use the proceeds they receive from a reverse mortgage as they see fit whether to pay for the education of grandchildren finance travel expenditures purchase financial products or other uses they deem appropriate. A key benefit of a reverse mortgage is that it can give a senior citizen choices that they might otherwise not have and the lender’s role is not and should not be to dictate to anyone how they can and can not use their own net worth accessed through a reverse mortgage. Reference to LitigationThe press release to which we are responding was put out by the Law Offices of Ronald A. Marron. Mr. Marron is a plaintiff’s attorney who references that he represents Ernestine Boach in a lawsuit against Financial Freedom. Mr. Marron goes on to address details of the inspect as he sees them. Financial Freedom’s policy is to not address publicly the details of any pending litigation except to say that we believe the claims made by Mr. Marron on behalf of Ms. Boach are baseless and without merit and we intend to continue to vigorously defend ourselves.

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RISMEDIA. Dec. 17. 2007–Financial Freedom the Irvine. California-based reverse mortgage lender denies any wrongdoing in a inspect charging they used unlawful sales practices targeting seniors by inflating fees and using the proceeds to acquire additional financial products. The U. S. Senate Special Committee on Aging heard testimony last Wednesday following its heightened concern over lawsuits recently filed against companies offering these types of loans. In a statement released by Joel A. Schiffman. Senior Vice President/General Counsel of Financial Freedom Senior Funding Corporation (Financial Freedom) the company reported. “Applicable privacy laws preclude us from providing a detailed response to the specific allegations asserted against Financial Freedom by sing Anthony at the hearing but we conclude compelled to give some important accent.” According to a spokesperson for Financial Freedom. Carol Anthony is the daughter of a woman who purchased a reverse mortgage from another affiliate that was purchased by Financial Freedom and because of that. Ms. Anthony’s testimony against Financial Freedom was misdirected. “First contrary to the allegation made during the hearing. Financial Freedom did not make the loan that was the subject of Ms. Anthony’s testimony,” Mr. Schiffman said. “Second. Financial Freedom fervently denies the allegations that have been made and we are comfortable that Financial Freedom acted properly at all times. He continued. “For the record. Financial Freedom simply purchased the loan after it had been closed by the original lender. Senior Freedom Corporation Funding and referred to in Ms. Anthony’s testimony as Senior Financial Freedom (which in no way is affiliated with Financial Freedom). Regretfully the similarity between names has caused unwarranted cerebrate on Financial Freedom.” In a separate story a suit filed on behalf of Ernestine Boach against Financial Freedom states that she was allegedly conned into purchasing a reverse mortgage with exceptionally high fees and then sold several insurance and annuity products with the proceeds. The case. Ernestine Boach v. Financial Freedom Senior Funding Corporation was filed in San Diego Superior act on January 11. 2007 and alleges that the Boach was advised to act out a reverse mortgage from Defendant Financial Freedom Senior Funding Corporation for $171,000 on the domiciliate she owned. The proceeds of which were to be used to acquire insurance products including a Fidelity and Guaranty deferred annuity with enormous yield charges for $80,000 and a $44,350 immediate annuity to fund payments on a $250,000 flexible premium life insurance policy (also containing surrender charges). Boach’s San Diego attorney Ronald A. Marron claims that this is an instance of a pervasive “equity stripping scheme” which involves Financial Freedom’s agents working in tandem with insurance brokers using reverse mortgage proceeds. Financial Freedom Senior Funding Corporation received a formal invitation on December 7. 2007 to testify before the Senate Special Committee on Aging on December 12 in Washington DC. Given schedule conflicts. Financial Freedom was unable to attend the hearing in person but submitted the attached testimony in writing. Financial Freedom representatives have volunteered to go the Washington after the first of the year to cater in person with the senators on the committee and theirs staffs and this idea has been favorably received. We look forward to working with the committee on these important issues. As the oldest and largest reverse mortgage lender and servicer in the industry more seniors have chosen Financial Freedom than any other lender for their reverse mortgages. Financial Freedom has been dedicated to a single mission: enhancing the lives of seniors by providing financial security and independence. We accept the special needs of seniors and have been instrumental in working with National Reverse Mortgage Lender’s Association (”NRMLA”) the industry’s trade assort and AARP to develop beat practices policies and consumer safeguards to protect seniors and open the reverse mortgage as a credible financial planning tool. Consumer SafeguardsThe specific consumer safeguards Financial Freedom has incorporated into its standard business practices with consider to reverse mortgages include the following: 1. Our change Mortgage Specialists provide each senior borrower with a side by side illustration of three different reverse mortgage products as come up as the benefits and options available created by Financial Freedom’s innovative proprietary software program. change Mortgage Analyzer (RMA). 2. We encourage all of the senior borrowers’ advisors both personal and professional to meet with our loan representatives to review the needs and options available to that senior. 3. As required by law we ensure that our senior borrowers are provided counseling from HUD approved specially trained counselors who are independent of Financial Freedom so that they receive an objective review of the product prior to processing an application or the borrower incurring any costs. 5. Annuity Disclosure - Financial Freedom recognized there was a void of information regarding reverse mortgages and annuities. In response we developed a specific annuity disclosure that provides objective information on combining reverse mortgages and annuities. A write of this consumer friendly but informative piece has been attached as Appendix “A” to our written testimony. We also include one to two specific annuity disclosures depending upon the jurisdiction that are incorporated into our application case and final closing package which express that Financial Freedom does not require offer or arrange the purchase of annuities in connection with the reverse mortgages we offer. Both disclosures are signed and dated by the borrower. It is also Financial Freedom’s policy not to permit annuities to be purchased with the sign disbursement of proceeds from the reverse mortgage. 6. After the closing an independent customer satisfaction survey is mailed to each senior borrower to acquire an opinion and comments on the loan process. 7. Proceeds from the initial disbursement of all reverse mortgages may only be paid (i) to discharge any existing liens on the property. (ii) to pay contractors for any repairs performed as a condition of closing. (iii) to pay the sign mortgage insurance premium (if applicable). (iv) pay fees the lender is authorized to hive away and (v) directly to the borrower or the borrower’s representative. 8. Financial Freedom does not offer endorse or recommend the purchase of any other financial or insurance product or service. We alter it very alter to all customers that they do not need to purchase any other product or service in order to obtain a reverse mortgage. 9. All Financial Freedom employees are W-2 employees that have no other employment with real estate financial services and insurance or securities firms and annually attest in writing that this is the inspect. These practices are intended to assure that senior borrowers and their advisors are provided with objective complete and honest information to assist them in selecting the right reverse mortgage program and product options. They are also designed to create a alter separation in the senior’s mind between their reverse mortgage transaction and any other product or service they might consider purchasing with proceeds from their reverse mortgage loan. Our goal is to ensure that the correct solution (loan) is matched to the borrower’s needs. As a prove our borrowers are well informed of their options when they act out a reverse mortgage from Financial Freedom and experience that they are in control of their financial situation. Borrowers’ Use of Reverse owe ProceedsOf course there are no limitations on how borrowers may choose to pay their reverse mortgage proceeds after the loan funds. Outside of the give transaction itself borrowers can use the proceeds they receive from a reverse mortgage as they see fit whether to pay for the education of grandchildren fund jaunt expenditures acquire financial products or other uses they consider appropriate. A key benefit of a reverse mortgage is that it can furnish a senior citizen choices that they might otherwise not have and the lender’s role is not and should not be to dictate to anyone how they can and can not use their own net worth accessed through a reverse mortgage. compose to LitigationThe touch release to which we are responding was put out by the Law Offices of Ronald A. Marron. Mr. Marron is a plaintiff’s attorney who references that he represents Ernestine Boach in a lawsuit against Financial Freedom. Mr. Marron goes on to address details of the case as he sees them. Financial Freedom’s policy is to not discuss publicly the details of any pending litigation except to say that we accept the claims made by Mr. Marron on behalf of Ms. Boach are baseless and without be and we plan to continue to vigorously defend ourselves.

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RISMEDIA. Dec. 17. 2007–Financial Freedom the Irvine. California-based reverse mortgage lender denies any wrongdoing in a case charging they used unlawful sales practices targeting seniors by inflating fees and using the proceeds to acquire additional financial products. The U. S. Senate Special Committee on Aging heard testimony last Wednesday following its heightened concern over lawsuits recently filed against companies offering these types of loans. In a statement released by Joel A. Schiffman. Senior Vice President/General Counsel of Financial Freedom Senior Funding Corporation (Financial Freedom) the company reported. “Applicable privacy laws preclude us from providing a detailed response to the specific allegations asserted against Financial Freedom by sing Anthony at the hearing but we conclude compelled to give some important background.” According to a spokesperson for Financial Freedom. sing Anthony is the daughter of a woman who purchased a reverse mortgage from another company that was purchased by Financial Freedom and because of that. Ms. Anthony’s testimony against Financial Freedom was misdirected. “First contrary to the allegation made during the hearing. Financial Freedom did not make the loan that was the subject of Ms. Anthony’s testimony,” Mr. Schiffman said. “Second. Financial Freedom fervently denies the allegations that have been made and we are comfortable that Financial Freedom acted properly at all times. He continued. “For the record. Financial Freedom simply purchased the loan after it had been closed by the original lender. Senior Freedom Corporation Funding and referred to in Ms. Anthony’s testimony as Senior Financial Freedom (which in no way is affiliated with Financial Freedom). Regretfully the similarity between names has caused unwarranted cerebrate on Financial Freedom.” In a separate story a conform to filed on behalf of Ernestine Boach against Financial Freedom states that she was allegedly conned into purchasing a reverse mortgage with exceptionally high fees and then sold several insurance and annuity products with the proceeds. The inspect. Ernestine Boach v. Financial Freedom Senior Funding Corporation was filed in San Diego Superior Court on January 11. 2007 and alleges that the Boach was advised to act out a reverse mortgage from Defendant Financial Freedom Senior Funding Corporation for $171,000 on the domiciliate she owned. The proceeds of which were to be used to purchase insurance products including a Fidelity and Guaranty deferred annuity with enormous surrender charges for $80,000 and a $44,350 immediate annuity to fund payments on a $250,000 flexible premium life insurance policy (also containing surrender charges). Boach’s San Diego attorney Ronald A. Marron claims that this is an instance of a pervasive “equity stripping scheme” which involves Financial Freedom’s agents working in tandem with insurance brokers using reverse mortgage proceeds. Financial Freedom Senior Funding Corporation received a formal invitation on December 7. 2007 to declare before the Senate Special Committee on Aging on December 12 in Washington DC. Given schedule conflicts. Financial Freedom was unable to attend the hearing in person but submitted the attached testimony in writing. Financial Freedom representatives undergo volunteered to go the Washington after the first of the year to cater in person with the senators on the committee and theirs staffs and this idea has been favorably received. We look send to working with the committee on these important issues. As the oldest and largest reverse mortgage lender and servicer in the industry more seniors have chosen Financial Freedom than any other lender for their reverse mortgages. Financial Freedom has been dedicated to a single mission: enhancing the lives of seniors by providing financial security and independence. We recognize the special needs of seniors and undergo been instrumental in working with National Reverse owe Lender’s Association (”NRMLA”) the industry’s trade group and AARP to develop beat practices policies and consumer safeguards to protect seniors and establish the reverse mortgage as a credible financial planning tool. Consumer SafeguardsThe specific consumer safeguards Financial Freedom has incorporated into its standard business practices with respect to reverse mortgages include the following: 1. Our Reverse owe Specialists provide each senior borrower with a side by side illustration of three different reverse mortgage products as well as the benefits and options available created by Financial Freedom’s innovative proprietary software program. Reverse owe Analyzer (RMA). 2. We back up all of the senior borrowers’ advisors both personal and professional to meet with our loan representatives to review the needs and options available to that senior. 3. As required by law we ensure that our senior borrowers are provided counseling from HUD approved specially trained counselors who are independent of Financial Freedom so that they acquire an objective review of the product prior to processing an application or the borrower incurring any costs. 5. Annuity Disclosure - Financial Freedom recognized there was a cancel of information regarding reverse mortgages and annuities. In response we developed a specific annuity disclosure that provides objective information on combining reverse mortgages and annuities. A write of this consumer friendly but informative piece has been attached as Appendix “A” to our written testimony. We also include one to two specific annuity disclosures depending upon the jurisdiction that are incorporated into our application case and final closing case which state that Financial Freedom does not require offer or lay the purchase of annuities in connection with the reverse mortgages we offer. Both disclosures are signed and dated by the borrower. It is also Financial Freedom’s policy not to permit annuities to be purchased with the initial disbursement of proceeds from the reverse mortgage. 6. After the closing an independent customer satisfaction survey is mailed to each senior borrower to acquire an opinion and comments on the loan process. 7. Proceeds from the initial disbursement of all reverse mortgages may only be paid (i) to discharge any existing liens on the property. (ii) to pay contractors for any repairs performed as a condition of closing. (iii) to pay the initial mortgage insurance premium (if applicable). (iv) pay fees the lender is authorized to collect and (v) directly to the borrower or the borrower’s representative. 8. Financial Freedom does not offer endorse or recommend the purchase of any other financial or insurance product or function. We make it very alter to all customers that they do not be to purchase any other product or service in request to obtain a reverse mortgage. 9. All Financial Freedom employees are W-2 employees that undergo no other employment with real estate financial services and insurance or securities firms and annually bear witness in writing that this is the case. These practices are intended to assure that senior borrowers and their advisors are provided with objective complete and honest information to back up them in selecting the right reverse mortgage program and product options. They are also designed to create a alter separation in the senior’s mind between their reverse mortgage transaction and any other product or service they might consider purchasing with proceeds from their reverse mortgage loan. Our goal is to ensure that the correct solution (loan) is matched to the borrower’s needs. As a result our borrowers are well informed of their options when they take out a reverse mortgage from Financial Freedom and know that they are in hold back of their financial situation. Borrowers’ Use of Reverse owe ProceedsOf cover there are no limitations on how borrowers may choose to spend their reverse mortgage proceeds after the give funds. Outside of the loan transaction itself borrowers can use the proceeds they acquire from a reverse mortgage as they see fit whether to pay for the education of grandchildren fund travel expenditures purchase financial products or other uses they deem appropriate. A key acquire of a reverse mortgage is that it can give a senior citizen choices that they might otherwise not undergo and the lender’s role is not and should not be to dictate to anyone how they can and can not use their own net worth accessed through a reverse mortgage. Reference to LitigationThe press channel to which we are responding was put out by the Law Offices of Ronald A. Marron. Mr. Marron is a plaintiff’s attorney who references that he represents Ernestine Boach in a lawsuit against Financial Freedom. Mr. Marron goes on to discuss details of the case as he sees them. Financial Freedom’s policy is to not address publicly the details of any pending litigation except to say that we believe the claims made by Mr. Marron on behalf of Ms. Boach are baseless and without merit and we plan to act to vigorously defend ourselves.

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Related article:
http://www.rismedia.com/wp/2007-12-14/reverse-mortgage-lender-denies-abuse-against-seniors-charges/

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RISMEDIA. Dec. 17. 2007–Financial Freedom the Irvine. California-based reverse mortgage lender denies any wrongdoing in a case charging they used unlawful sales practices targeting seniors by inflating fees and using the proceeds to purchase additional financial products. The U. S. Senate Special Committee on Aging heard testimony last Wednesday following its heightened concern over lawsuits recently filed against companies offering these types of loans. In a statement released by Joel A. Schiffman. Senior Vice President/General Counsel of Financial Freedom Senior Funding Corporation (Financial Freedom) the company reported. “Applicable privacy laws preclude us from providing a detailed response to the specific allegations asserted against Financial Freedom by Carol Anthony at the hearing but we feel compelled to provide some important background.” According to a spokesperson for Financial Freedom. Carol Anthony is the daughter of a woman who purchased a reverse mortgage from another company that was purchased by Financial Freedom and because of that. Ms. Anthony’s testimony against Financial Freedom was misdirected. “First contrary to the allegation made during the hearing. Financial Freedom did not alter the loan that was the affect of Ms. Anthony’s testimony,” Mr. Schiffman said. “back up. Financial Freedom fervently denies the allegations that have been made and we are comfortable that Financial Freedom acted properly at all times. He continued. “For the record. Financial Freedom simply purchased the loan after it had been closed by the original lender. Senior Freedom Corporation Funding and referred to in Ms. Anthony’s testimony as Senior Financial Freedom (which in no way is affiliated with Financial Freedom). Regretfully the similarity between names has caused unwarranted focus on Financial Freedom.” In a separate story a suit filed on behalf of Ernestine Boach against Financial Freedom states that she was allegedly conned into purchasing a reverse mortgage with exceptionally high fees and then sold several insurance and annuity products with the proceeds. The case. Ernestine Boach v. Financial Freedom Senior Funding Corporation was filed in San Diego Superior Court on January 11. 2007 and alleges that the Boach was advised to act out a reverse mortgage from Defendant Financial Freedom Senior Funding Corporation for $171,000 on the home she owned. The proceeds of which were to be used to acquire insurance products including a Fidelity and Guaranty deferred annuity with enormous surrender charges for $80,000 and a $44,350 immediate annuity to finance payments on a $250,000 flexible premium life insurance policy (also containing surrender charges). Boach’s San Diego attorney Ronald A. Marron claims that this is an dilate of a pervasive “equity stripping scheme” which involves Financial Freedom’s agents working in tandem with insurance brokers using reverse mortgage proceeds. Financial Freedom Senior Funding Corporation received a formal invitation on December 7. 2007 to testify before the Senate Special Committee on Aging on December 12 in Washington DC. Given schedule conflicts. Financial Freedom was unable to attend the hearing in person but submitted the attached testimony in writing. Financial Freedom representatives undergo volunteered to go the Washington after the first of the year to meet in person with the senators on the committee and theirs staffs and this idea has been favorably received. We look forward to working with the committee on these important issues. As the oldest and largest reverse mortgage lender and servicer in the industry more seniors have chosen Financial Freedom than any other lender for their reverse mortgages. Financial Freedom has been dedicated to a single mission: enhancing the lives of seniors by providing financial security and independence. We recognize the special needs of seniors and have been instrumental in working with National Reverse Mortgage Lender’s Association (”NRMLA”) the industry’s change group and AARP to create best practices policies and consumer safeguards to protect seniors and establish the reverse mortgage as a credible financial planning drive. Consumer SafeguardsThe specific consumer safeguards Financial Freedom has incorporated into its standard business practices with respect to reverse mortgages include the following: 1. Our Reverse Mortgage Specialists give each senior borrower with a side by side illustration of three different reverse mortgage products as well as the benefits and options available created by Financial Freedom’s innovative proprietary software program. Reverse owe Analyzer (RMA). 2. We encourage all of the senior borrowers’ advisors both personal and professional to meet with our loan representatives to review the needs and options available to that senior. 3. As required by law we verify that our senior borrowers are provided counseling from HUD approved specially trained counselors who are independent of Financial Freedom so that they acquire an objective review of the product prior to processing an application or the borrower incurring any costs. 5. Annuity Disclosure - Financial Freedom recognized there was a void of information regarding reverse mortgages and annuities. In response we developed a specific annuity disclosure that provides objective information on combining reverse mortgages and annuities. A copy of this consumer friendly but informative piece has been attached as Appendix “A” to our written testimony. We also include one to two specific annuity disclosures depending upon the jurisdiction that are incorporated into our application case and final closing case which express that Financial Freedom does not require furnish or lay the purchase of annuities in connection with the reverse mortgages we offer. Both disclosures are signed and dated by the borrower. It is also Financial Freedom’s policy not to permit annuities to be purchased with the initial disbursement of proceeds from the reverse mortgage. 6. After the closing an independent customer satisfaction survey is mailed to each senior borrower to acquire an opinion and comments on the loan process. 7. Proceeds from the initial disbursement of all reverse mortgages may only be paid (i) to accomplish any existing liens on the property. (ii) to pay contractors for any repairs performed as a condition of closing. (iii) to pay the sign mortgage insurance premium (if applicable). (iv) pay fees the lender is authorized to hive away and (v) directly to the borrower or the borrower’s representative. 8. Financial Freedom does not furnish endorse or recommend the purchase of any other financial or insurance product or service. We make it very clear to all customers that they do not need to purchase any other product or service in order to obtain a reverse mortgage. 9. All Financial Freedom employees are W-2 employees that have no other employment with real estate financial services and insurance or securities firms and annually attest in writing that this is the case. These practices are intended to assure that senior borrowers and their advisors are provided with objective complete and honest information to assist them in selecting the right reverse mortgage program and product options. They are also designed to create a clear separation in the senior’s mind between their reverse mortgage transaction and any other product or function they might consider purchasing with proceeds from their reverse mortgage loan. Our goal is to ensure that the correct solution (loan) is matched to the borrower’s needs. As a result our borrowers are come up informed of their options when they take out a reverse mortgage from Financial Freedom and know that they are in control of their financial situation. Borrowers’ Use of Reverse owe ProceedsOf cover there are no limitations on how borrowers may choose to spend their reverse mortgage proceeds after the give funds. Outside of the give transaction itself borrowers can use the proceeds they acquire from a reverse mortgage as they see fit whether to pay for the education of grandchildren finance jaunt expenditures purchase financial products or other uses they deem appropriate. A key benefit of a reverse mortgage is that it can give a senior citizen choices that they might otherwise not undergo and the lender’s role is not and should not be to dictate to anyone how they can and can not use their own net worth accessed through a reverse mortgage. Reference to LitigationThe press channel to which we are responding was put out by the Law Offices of Ronald A. Marron. Mr. Marron is a plaintiff’s attorney who references that he represents Ernestine Boach in a lawsuit against Financial Freedom. Mr. Marron goes on to address details of the case as he sees them. Financial Freedom’s policy is to not discuss publicly the details of any pending litigation except to say that we believe the claims made by Mr. Marron on behalf of Ms. Boach are baseless and without be and we plan to continue to vigorously defend ourselves.

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You undergo to wonder why the Federal keep back wants to declare new consumer ptoections for borrowers — but not for senior citizens. The new intend from the the Federal keep back — — specifically excludes reverse mortgages from the proposed consumer protections. Now you might think aha those smart folks at the Federal Reserve they must be excluding reverse mortgages because such loans are not associated with predatory lending. Isn’t this so? “The defrauding of mortgage lenders should not be compared to predatory lending practices which primarily affect borrowers. Predatory lending typically effects senior citizens lower income and challenged ascribe borrowers. Predatory lending forces borrowers to pay exorbitant give origination/settlement fees sub-prime or higher interest rates and in some cases unreasonable service fees. These practices often result in the borrower defaulting on his mortgage payment and undergoing foreclosure or forced refinancing.” Related Resources You May Like This entry was posted on Thursday. December 20th. 2007 at 2:36 pm and is filed under. You can follow any responses to this entry through the feed. You can or from your own site. XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym call=""> <b> <blockquote have in mind=""> <label> <em> <i> <touch> <strong> Peter G. Miller is a syndicated real estate and personal finance columnist who appears in more than 100 newspapers nationwide. His columns for Realty Times are carried by thousands of websites. compose of The Common Sense Mortgage -- a schedule with unit sales well into six figures -- Mr. Miller has been featured on such media outlets as Oprah. The Today Show. NPR and CNN. Mr. Miller's bring home the bacon also appears on such sites as RealtyTrac and Mortgage Lenders Plus and he has been a long-time columnist with the leading magazine for real estate brokers the Real Estate Professional. Webmasters & Bloggers: You can link to this page by copying and pasting this code <a href="http://www bestreversemortgage com/reverse-mortgage/reverse-mortgages-this-is-perverse/"> This Is Perverse</a> Interested in writing for us? Have a press release to submit? If you have expertise in the handle of Reverse Mortgages and would like to alter we want to know. Copyright 2007 Peter G. Miller All Rights Reserved. None of the material on this site may be used in whole or in part without the specific written permission of the compose. Bloggers and others as a be of fair mention are accept to ingeminate apprise excerpts from this site providing that a cerebrate to this place and credit to the compose are provided.

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Are you looking to hire experienced reverse mortgage professionals? Post your jobs to to arrive over 1500 experienced reverse mortgage professionals. XHTML: You can use these tags <a href="" title=""> <abbr call=""> <acronym title=""> <b> <blockquote cite=""> <label> <em> <i> <touch> <strong> :-->

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