PASADENA, Calif. -- Wescom Credit Union has announced it now offers reverse mortgages, utilizing its own company, Reverse Mortgage Lending Inc.
"Reverse mortgages give Wescom an opportunity to provide our senior members financial flexibility, as they have been requesting this type of loan product for quite some time," said Peter McNulty, senior vice president of Wescom's real estate division.
RMLI manages the entire loan process for the $3.8 billion credit union, including counseling, application, origination, and funding preparation, and then places the loan with a reverse mortgage lender for funding and servicing, McNulty said.
"Social security and pensions don't go far enough anymore," said Wally Welter, RMLI president. "Reverse mortgages help homeowners supplement their retirement incomes and enjoy carefree, active lives."