Financial Freedom, an originator of reverse mortgages based in Irvine, Calif., has announced the introduction of its HECM Monthly LIBOR 65 product, the company's first LIBOR-indexed Home Equity Conversion Mortgage.The loan, with an interest rate based on the one-month London interbank offered rate index, provides borrowers with all the features and benefits of other HECM reverse mortgages, the company said. "HECM Monthly LIBOR 65 joins our existing line of HECM products, resulting in the broadest HECM product suite in the reverse mortgage industry," said Michelle Minier, chief executive officer of Financial Freedom. The company, a subsidiary of IndyMac Bank FSB, can be found on the Web at http://www.financialfreedom.com.
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