Earlier this week we reported on the fact that major lender IndyMac is facing some serious problems with remaining in business. The company has high hopes that it can focus on its successful reverse mortgage business in order to remain afloat in the industry despite these troubled times. However, this doesn't mean that those people with existing IndyMac reverse mortgage loans should assume that everything is okay as is.
Basically, there is a good chance that IndyMac isn't going to be able to ride out the financial problems that are plaguing the company. If they fail to do so, they will have to sell their existing loans to another bank. This means that anyone with an outstanding reverse mortgage loan from IndyMac will have a new lender.
Of course, this shouldn't cause panic for those people who are receiving reverse mortgage checks from IndyMac. Those people who have government-insured HECM loans should know that these loans are backed by the FHA and will continue to be paid out without problems no matter what happens with IndyMac. But it's still important to always be on top of the news about your loans so it's a good idea for those people with IndyMac Reverse Mortgages to start asking some questions about what's going on with their loans.
Question of the Day: Should seniors who have IndyMac reverse mortgage loans be concerned about the financial problems plaguing the company?