FORT WAYNE, IN, February 12, 2012
/24-7PressRelease/ -- First Century Bank, N.A.(FCB) NMLS ID# 446785, Gainesville, GA, announced today it has been awarded Direct Endorsement underwriting authority for HUD's FHA reverse mortgage program. This approval significantly shortens and enhances FCB's Reverse Mortgage capability by keeping the loan process, from application to closing, in house.
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 $75MM full service community 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 under $100MM. First Century Bank, N.A. is an Equal Housing Lender, Member FDIC.
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.
FDIC information can be found at
www.myfirstcenturybank.com or
www.fdic.gov.
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