Impac Bank of Irvine, looking to reverse

Impac Mortgage, The Irvine, Calif.-based real estate investment trust said Wednesday that it does have financing facilities and continues to fund loans that are eligible to be sold to the government-sponsored agencies. The company has also made all margin calls to date.

Impac has also secured “definitive agreements” to begin originating and selling reverse mortgage loans through its wholesale and retail platforms, it said.

Reverse mortgages, typically used by senior citizens in need of money, enables the borrower to convert equity accumulated in their home to income, according to the National Reverse Mortgage Lenders Association.

Written by charles dennis on August 9th, 2007 with no comments.
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