First Midwest Bancorp Inc. has decided to stop lending practices tied to traditional mortgage originations and has began to focus on reverse mortgages instead.
First Midwest Bancorp Inc. is one of the biggest locally headquartered banks in the Chicago area. Cynthia Lance, executive vice president and corporate secretary said, “We have a little older clientele, and from time to time, as part of the strategic planning of the bank, we look at the performance and market opportunities of all different areas.”
Reverse mortgage products give older home owners the ability to tap into the equity of the homes. Reverse mortgages work almost like getting a consistent paycheck. Instead of making a monthly payment to your bank, your bank writes you a check and then adds that dollar amount to principle amount owed on the property.
For a more detailed look on how reverse mortgage work and find out if a reverse mortgage is right for you, pick up a free copy of the “Reverse Mortgage E-book” written by top reverse mortgage specialist from around the country.
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