The Federal Savings Bank is based in Chicago, IL. The company was founded in 2011 and offers reverse mortages in state in the USA.
The Federal Savings Bank allows borrowers to apply for the following types of reverse mortgage.
Lump sum. The borrower can access the entire amount immediately. However, you will need to pay interest on the entire amount regardless of whether you spend it.
Monthly disbursement. With this option, you get a monthly allowance. This is a good option if you need an additional source of income to cover your living expenses. It can be used in combination with a line of credit for additional flexibility.
The Federal Savings Bank may charge a loan origination fee.
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