TAMPA, Fla. — Three billion dollar credit unions have signed agreements with MEMBERS Trust Company to offer the CUSO's reverse mortgage product to members.
The $2.5 billion ENT, $2 billion Visions FCU and $2.1 billion GTE FCU are the first to sign on with MEMBERS Trust's reverse mortgage center, said Tom Walker, president/CEO of the trust company. Through the center, which launched in November 2007, credit unions can originate and service the Federal Housing Administration's Home Equity Conversion Mortgage, as well as a proprietary product, the "Reverse Equity Mortgage…Payment Freedom for Seniors."
"There are two aspects that present a wonderful opportunity for credit unions–it's a very good loan in terms of asset liability and it meets the unique needs of the member," Walker said.
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Meanwhile, in the second quarter, MEMBERS Trust is planning to launch a planned gift giving program to help those members that want to make charitable contributions. Walker said the trust company can also help credit unions that have public foundations.
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