FORT WORTH, Texas — CU Members Mortgage, a leading provider of mortgage services to credit unions throughout the U.S., has expanded its portfolio of loan products to include reverse mortgages.
The new product will be available to all credit union members aged 62 years and older who want to use their home equity as a financial resource without the responsibility of making monthly mortgage payments associated with a traditional home equity loan. Funds from a reverse mortgage are tax free, and there are no income or credit qualifications. In addition, funds from a reverse mortgage do not affect a recipient's Social Security benefits.
Proceeds of a reverse mortgage can be made as a lump sum, monthly payments for as long as the member lives in the home, monthly payments for a fixed number of years, and a combination of these options. Closing costs are included in the loan, except for the appraisal.
Recommended For You
CU Members Mortgage Senior Vice President Linda Clampitt said reverse mortgages can make sound financial sense for many seniors who want to tap what may be the most valuable thing they own, their home.
"We have many loans for first-time homebuyers, construction, investment, vacation properties and more. By adding reverse mortgages to our loan offerings, we're able to assist members throughout the entire cycle of their home financial needs."
Reverse mortgages are currently being sold servicing releases, but CU Members Mortgage says it plans to modify its existing proprietary servicing system to accommodate the unique requirements of reverse mortgages in 2007.
© 2025 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.
