TAMPA, Fla. — Three billion dollar credit unions have signed agreements with MEMBERS Trust Company to offer the CUSO's reverse mortgage product to members.
The $2.5 billion ENT, $2 billion Visions FCU and $2.1 billion GTE FCU are the first to sign on with MEMBERS Trust's reverse mortgage center, said Tom Walker, president/CEO of the trust company. Through the center, which launched in November 2007, credit unions can originate and service the Federal Housing Administration's Home Equity Conversion Mortgage, as well as a proprietary product, the "Reverse Equity Mortgage…Payment Freedom for Seniors."
"There are two aspects that present a wonderful opportunity for credit unions–it's a very good loan in terms of asset liability and it meets the unique needs of the member," Walker said.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
