Should CUs join a retreat from reverse mortgages or continue offering the loans aimed at seniors?

All in all, the economic downturn and housing crisis have not been kind to home equity conversion mortgages, and a number of credit unions have stopped offering them. But CU and CUSO executives argue that older members still need them and need to be able to get them from their CUs or from a CUSO.

Reverse mortgages are available only to homeowners over age 62. They allow borrowers who need cash to tap their home equity while staying in their homes and, prior to the downturn, they were often seen as a way seniors could effectively use their home's equity to help fund their retirement. Borrowers are only required to maintain the insurance on the loan and tax payments on the property.

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