IndyMac owns Financial Freedom. Is it still safe to get a reverse mortgage with Financial Freedom?

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We are in the process of signing papers with Financial Freedom but I worry about them since the government seized their parent company IndyMac Bank. They say they can still make loans, but I worry if they will be able to continue the monthly payments. If I went with them, could I transfer to another lender at a later time?

The company is Freedom Mortgage Solutions. The job is for a loan officer position and they require no experience. I have no experience in that field only collections and customer service. I need some info and maybe some key terminology for the interview. Can someone give me some suggestions?

4 Comments
  1. Reply
    FRANK Mortgage Broker
    January 29, 2011 at 5:52 am

    I am told Financial Freedom is OK. If you did want to switch at a later date, you would have fees to pay. I have used Financial Freedom, but prefer Bank of America. We have wholesale account with both of them, as well as with JB Nutter.

  2. Reply
    Moody N
    January 29, 2011 at 5:52 am

    As long as you are going with the HECM product you have nothing to worry about. The beauty of the HECM reverse mortgage is that it is government insured. This means that if something were to ever happen to Financial Freedom the government transfers the loan and not only guarantees your payments but they also guarantee that you will get them on time. The government did a good job covering all possibilities with this one

  3. Reply
    Dornessa H
    January 29, 2011 at 6:40 am

    I would go to their website. Note their key points.

    Dornessa
    http://www.dornessaharris.com

  4. Reply
    William T
    January 29, 2011 at 6:57 am

    Go to the companies website on the internet and/or other sites that talk about the company. I found this one with some mortgage basics explained:

    http://www.freedommortgageloans.com/library.html

    Good luck on your interview.

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