Wescom Credit Union Introduces Reverse Mortgages

Wescom Credit Union, a financial services cooperative with 55 branches throughout Southern California, says it is now offering reverse mortgages, helping senior homeowners tap into the equity in their homes. To provide this product, Wescom is using Reverse Mortgage Lending Inc. (RMLI), a Wescom mortgage lending company that specializes in reverse mortgage loans."Reverse mortgages give Wescom an opportunity to provide our senior members financial flexibility, as they have been requesting this type of loan product for quite some time," explains Peter McNulty, senior vice president of Wescom's real estate division. "Now, these members can obtain advice and apply for a reverse mortgage from the credit union they know and trust as their financial partner."Source: Wescom Credit Union

Financial Freedom Begins Reverse Mortgage Education Program

Financial Freedom, a subsidiary of IndyMac Bank F.S.B. and the nation's largest lender of reverse mortgages, has launched the Reverse Mortgage Borrower Advocacy Program, a new educational initiative designed to help consumers make the most informed reverse mortgage decision possible. "We recognize that reverse mortgages can be complicated products, and as the industry has rapidly grown, seniors are confronted with many more product, pricing and withdrawal options than ever," says Michelle Minier, CEO of Financial Freedom. "Our goal has always been to educate seniors so they can properly evaluate reverse mortgages, and now the Reverse Mortgage Borrower Advocacy Program will provide a more comprehensive effort to educate seniors on the increasingly complex decision-making process of choosing solutions to fund a secure retirement." The program kicks off with two new videos - "Is a Reverse Mortgage Right for You?" and "Uses for a Reverse Mortgage." The videos can be viewed directly athttp://www.financialfreedom.com/consumersafeguards.aspx?id=imgbtn1.According to Financial Freedom, in addition to the videos, the Reverse Mortgage Borrower Advocacy Program will offer a broad range of content and tools for consumers in the coming months, including enhanced Web tools and new consumer handbooks.Source: Financial Freedom