(SOURCE First Century Bank, N.A.) — First Century Bank, N.A.(FCB) NMLS ID# 446785, Gainesville, GA formally introduced their RESPA Compliant HECM Advisor Program for financial institutions in the United States.
FCB's new HECM Advisor Program allows regulated financial institutions to participate in FHA's reverse mortgage program and generate additional fee income for their institution. Firms that partner with FCB have the advantage of the 70+ combined years of mortgage banking experience of FCB's executive management team and of the talents and knowledge of its dedicated mortgage professionals.
FHA Reverse mortgages, commonly referred to as Home Equity Conversion Mortgages (HECM) were established in 1988 by President Ronald Reagan. Reverse Mortgages enable homeowners over age 62 to borrow against the equity in their homes without having to sell the home, give up title, or take on a new monthly mortgage payment. The home must be the borrower's primary residence, and the loan does not have to repaid as long as the loan terms are met.
Reverse mortgages can be placed on most owner occupied residential properties. Eligible property types are single-family homes, 2-4 unit residential properties, FHA manufactured homes (built after June 1976), condominiums, and townhouses.
First Century Bank, N.A. (FCB) is a full service, federally regulated bank based in Gainesville, Georgia offering a full complement of mortgage products ranging from reverse mortgages to government (FHA/USDA) and conventional loans. In 2010, FCB was ranked in the top 25 in profitability for banks in their peer group.
As a bank serving local communities our goal is to exceed expectations with each customer contact.
For more information, contact Dennis Loxton, (317) 557-5113 or via email dennis.loxton@myfirstcenturybank.com
FDIC information can be found at www.myfirstcenturybank.com or
www.fdic.gov.
Media Contact: Dennis Loxton, CFP First Century Bank, 3175575113, dennis.loxton@myfirstcenturybank.com
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SOURCE First Century Bank, N.A.
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