X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MADISON, Wis. – CUNA Mutual Mortgage has entered into a nationwide partnership with Financial Freedom Senior Funding Corp. to expand reverse mortgage lending opportunities for credit unions and members. Under the joint marketing agreement, Financial Freedom, an affiliate of Lehman Brothers, will work through its regional office network to offer reverse mortgage products to CUs through CUNA Mutual Mortgage. The agreement includes education, product training and co-branded marketing for program participants. A reverse mortgage loan allows senior homeowners age 62 or older to convert the equity in their homes into cash that can be used for any purpose. There are no payments made by the borrower during the life of the loan. The loan becomes repayable when the borrower dies, sells the house or moves from the home permanently. According to the 2000 U.S. Census, there were more than 12.9 million seniors with more than $1.3 trillion in home equity. Stephen Renock, president/CEO, CUNA Mutual Mortgage said the partnership between CUNA Mutual Mortgage and Financial Freedom “will provide enormous benefits to the unique financial needs that many senior members have.This program allows them to tap into the equity in their home in a thoughtful manner, so they can have a quality of life in their retirement years.” CUNA Mutual Mortgage has been offering reverse mortgages since 1996. Financial Freedom is the largest originator and servicer of reverse mortgages in the U.S.

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:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.