Home equity can be tapped to pay for life insurance. (Life/Health: Marketplace).Some 20 million senior homeowners have more than $2 trillion One thousand times one billion, which is 1, followed by 12 zeros, or 10 to the 12th power. See space/time. (mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed. In the USA and Canada, 10^12. locked into home equity. In March, Financial Freedom, the nation's largest lender and servicer of reverse mortgages, formed an alliance with Bisys Inc. to use some of the equity for financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against . Bisys is a major independent distributor of life insurance and provider of related support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to financial intermediaries Financial intermediaries institution that provide the market function of matching borrowers and lenders or traders. . "A lack of a funding source, particularly one that does not impact daily cash flow, is the primary reason why many individuals fail to address important life-planning issues through the purchase of long-term-care policies, annuities or life insurance," said James Mahoney, Financial Freedom's chief executive officer. Bisys will recommend the use of reverse mortgages when a client's wealth-transfer strategy is appropriate. Financial Freedom, Irvine, Calif., will provide support through its national network of branch offices and proprietary tools, such as its online reverse-mortgage calculator calculator or calculating machine, device for performing numerical computations; it may be mechanical, electromechanical, or electronic. The electronic computer is also a calculator but performs other functions as well. . The company also will provide loan-origination services from application through dosing, funding and continued servicing of the loans. In January, Financial Freedom announced a relationship with The Motley Fool that will offer access to reverse-mortgage products through its educational Web site, www.Fool. corn. The purpose of the relationship is to help seniors to supplement retirement income without incurring in·cur tr.v. in·curred, in·cur·ring, in·curs 1. To acquire or come into (something usually undesirable); sustain: incurred substantial losses during the stock market crash. 2. a debt that is immediately repayable and without forcing the sale of their homes, said Bill White, a vice president of Motley Fool. Financial Freedom is a subsidiary of Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. Bank FSB (FrontSide Bus) See system bus. FSB - front side bus . RELATED ARTICLE: Reverse Mortgage Features * There are no credit or income requirements. * The loan is due for repayment when the borrower permanently moves out or sells the property or upon the death of the borrower. * Loan proceeds are not taxable and do not affect Medicare or Social Security. * The cost of the loan is dependent on how long the borrower resides in the property. * Equity release amounts are based on age and home value and can range from 25% to 75% of the existing home equity. Source: Financial Freedom Senior Funding Reverse Mortgage Features * There are no credit or income requirements. * The loan is due for repayment when the borrower permanently moves out or sells the property or upon the death of the borrower. * Loan proceeds are not taxable and do not affect Medicare or Social Security. * The cost of the loan is dependent on how long the borrower resides in the property. * Equity release amounts are based on age and home value and can range from 25% to 75% of the existing home equity. Source: Financial Freedom Senior Funding |
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