The $746 million San Francisco Federal Credit Union has signed on with a reverse mortgage consultant firm to offer its members the popular retirement option.
The credit union said member demand for the product led it to a deal with California Reverse Mortgage Consultants.
A reverse mortgage allows members to draw on the equity in their home without having to sell it. Unlike a conventional mortgage where monthly payments are paid, a reverse mortgage is a loan that pays the borrower monthly payments. Members who choose to borrow from a reverse mortgage can use the cash payments to supplement their retirement income, or make home improvements, the CU said.
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