Financial Freedom HECM Fixed Details

FFlogo Last week Financial Freedom announced the release of their new HECM Fixed product.  Over the weekend I received some of the details on the program.  I was thinking the product would be the standard HECM product that has been released by other lenders, but I noticed one major difference.  The HECM fixed product gives borrowers two options:

  1. HECM Fixed which requires a 100% upfront draw, close-ended structure.
  2. HECM Fixed which gives the borrower a lower upfront draw, term, tenure, or a combination line of credit with term or tenure payment options.  This option will have a higher rate than the 100% upfront draw option.

This is the first fixed HECM that I’m aware of which doesn’t require 100% upfront draw at closing.  No word on how much higher of a rate the term, tenure, or credit line will be, but it’s always a nice option to offer your borrower.

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