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CUNA Mutual Mortgage expands reverse mortgage efforts

MADISON, Wis. - CUNA Mutual Mortgage has entered into a nationwide partnership with Financial Freedom Senior Funding Corp. to expand reverse mortgage lending opportunities for credit unions and members. Under the joint marketing agreement, Financial Freedom, an affiliate of Lehman Brothers, will work through its regional office network to offer...

By Staff Writer | Updated on September 11, 2001

MADISON, Wis. – CUNA Mutual Mortgage has entered into a nationwide partnership with Financial Freedom Senior Funding Corp. to expand reverse mortgage lending opportunities for credit unions and members. Under the joint marketing agreement, Financial Freedom, an affiliate of Lehman Brothers, will work through its regional office network to offer reverse mortgage products to CUs through CUNA Mutual Mortgage. The agreement includes education, product training and co-branded marketing for program participants. A reverse mortgage loan allows senior homeowners age 62 or older to convert the equity in their homes into cash that can be used for any purpose. There are no payments made by the borrower during the life of the loan. The loan becomes repayable when the borrower dies, sells the house or moves from the home permanently. According to the 2000 U.S. Census, there were more than 12.9 million seniors with more than $1.3 trillion in home equity. Stephen Renock, president/CEO, CUNA Mutual Mortgage said the partnership between CUNA Mutual Mortgage and Financial Freedom “will provide enormous benefits to the unique financial needs that many senior members have.This program allows them to tap into the equity in their home in a thoughtful manner, so they can have a quality of life in their retirement years.” CUNA Mutual Mortgage has been offering reverse mortgages since 1996. Financial Freedom is the largest originator and servicer of reverse mortgages in the U.S.

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