Financial Freedom, a subsidiary of IndyMac Bank FSB that originates reverse mortgages, has announced the introduction of a fixed-rate Home Equity Conversion Mortgage, its first government-insured, fixed-rate, closed-end reverse mortgage.Because the closed-end structure offers more cash-flow predictability, the HECM Fixed is expected to appeal to the secondary market, the company said. "We've worked extensively with industry leaders to clarify the rules governing fixed-rate HECMs in order to achieve a product that meets seniors' needs and which we believe will lead to the development of a strong secondary market for the product," said Michelle Minier, chief executive officer of Financial Freedom. The company, based in Irvine, Calif., can be found on the Web at http://www.financialfreedom.com.

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