PASADENA, Calif. -- Wescom Credit Union has added reverse mortgages to its real estate product suite, and will process the new loans through its own company, Reverse Mortgage Lending Inc.
Peter McNulty, senior vice president of Wescom's real estate division, said the $3.8 billion institution's senior members had been requesting the product, in order to gain more financial flexibility.
"Now, these members can obtain advice and apply for a reverse mortgage from the credit union they know and trust as their financial partner," McNulty said.
RMLI manages the entire loan process, including counseling, application, origination and funding preparation, and then places the loan with a reverse mortgage lender for funding and servicing.
"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."