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Financial Freedom, a subsidiary of IndyMac Bank F.S.B. (Indymac Bank(R)), announced today key enhancements to the industry's only jumbo reverse mortgage, The Cash Account. Designed for seniors with higher value homes, the new Cash Account Advantage(R) offers the highest principal lending limit in the industry. This enables seniors to safely convert a greater percentage of their home's equity into usable cash than was previously permitted. "The Cash Account Advantage provides seniors, especially younger seniors with higher value homes, greater access to their home equity, and more choices on how to take advantage of the benefits of a reverse mortgage," said James Mahoney, CEO of Financial Freedom. "With Cash Account Advantage, a 65-year-old senior can access 75 percent more home equity while a 75-year-old can access 47 percent more home equity than with our previous offering." Due to the lending limits on the HECM, the most popular of the three reverse mortgage products available, seniors with higher value homes between $450,000 and $750,000 in particular are disadvantaged. With Cash Account Advantage, these seniors have the option to access a greater percentage of their home equity. In addition, seniors who opt to receive 100% of their loan proceeds in a lump sum at time of closing, incur no closing costs or origination fees. The Cash Account Advantage reverse mortgage retains all of the benefits and important consumer safeguards of the previous Cash Account including: -- Borrower retains title to home. -- Loan is non-recourse; borrower can never owe more than the home is worth. -- Unless a material default occurs, the loan does not have to be repaid until borrower permanently leaves or sells the home. -- Eligible home types: single-family detached, manufactured, condo, PUD, 1-4 rental unit if one unit is owner occupied. -- Cash benefit can be taken as a line of credit, a lump sum or a combination. -- Mandatory counseling by an independent counselor to ensure borrower understands the terms. -- Financial Freedom also developed a proprietary process that performs a side-by-side comparison of products to help the borrower choose a product that fits his/her circumstances. Reverse Mortgages Explained Reverse mortgages enable senior homeowners 62 or older to convert part of the equity in their home into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. Borrowers will never, under any circumstances resulting from the reverse mortgage, be forced to leave their homes providing they retain their ownership interest, make their real estate property tax and insurance payments and pay other obligations that may become a priority lien against their home. Borrowers can choose to receive the reverse mortgage funds as a lump sum, monthly income (for up to life), or line of credit, or any combination. Borrowers can use the funds anyway they wish and they make no monthly payments on a reverse mortgage during the life of the loan. Unless a material default occurs, the loan becomes repayable when the borrower sells the home or permanently moves out. In addition, the repayment amount can't exceed the value of the home. About Financial Freedom Financial Freedom Senior Funding Corporation, a subsidiary of IndyMac Bank, F.S.B., headquartered in Irvine, California, is the largest originator of reverse mortgages in the United States. Financial Freedom originated over $2.9 billion in loan fundings on $9.1 billion in home value in reverse mortgages in 2005 and is now the largest servicer of reverse mortgages with a servicing portfolio of approximately 77,000 loans. Financial Freedom is a founding member of the National Reverse Mortgage Lenders Association. NRMLA is a nonprofit trade association, based in Washington, DC, whose mission is to support the continued evolution of reverse mortgages as an important financial option for senior homeowners while educating both its members and consumers about the varied applications of this unique loan. For more information, visit the Financial Freedom Web site at www.financialfreedom.com. Members sign a Code of Conduct pledging to abide by guidelines that assure fair, ethical, and respectful practices in offering and making reverse mortgages to seniors. For more information, visit the NRMLA Web site at www.reversemortgage.org. (R)2006 Registered trade/service marks are property of Financial Freedom Senior Funding Corporation, A Subsidiary of IndyMac Bank, F.S.B. (C)2006 Financial Freedom Senior Funding Corporation About IndyMac Bancorp, Inc. IndyMac Bancorp, Inc. (NYSE: NDE) (Indymac(R)) is the holding company for IndyMac Bank, F.S.B. (Indymac Bank(R)), the largest savings and loan in Los Angeles and the seventh largest mortgage originator in the nation. Indymac Bank, operating as a hybrid thrift/mortgage banker, provides cost-efficient financing for the acquisition, development, and improvement of single-family homes. Indymac also provides financing secured by single-family homes and other banking products to facilitate consumers' personal financial goals. With an increased focus on building customer relationships and a valuable consumer franchise, Indymac is committed to becoming a top six mortgage lender in the U.S. by 2010, while maintaining annualized earnings per share growth in excess of 15 percent. The company is dedicated to constantly raising expectations and conducting itself with the highest level of ethics. For more information about Indymac and its affiliates, or to subscribe to the company's Email Alert feature for notification of company news and events, please visit http://about.indymacbank.com/investors.