The $746 million San Francisco Federal Credit Union has signed on with a reverse mortgage consultant firm to offer its members the popular retirement option.
The credit union said member demand for the product led it to a deal with California Reverse Mortgage Consultants.
A reverse mortgage allows members to draw on the equity in their home without having to sell it. Unlike a conventional mortgage where monthly payments are paid, a reverse mortgage is a loan that pays the borrower monthly payments. Members who choose to borrow from a reverse mortgage can use the cash payments to supplement their retirement income, or make home improvements, the CU 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.
