For years, reverse mortgages were an option for struggling older consumers. But that ended across the country when unscrupulous lenders ruined the product's name.
Now, with seniors facing difficult financial situations nationwide, credit unions are finding reverse mortgages might be the best option to serve many of these members who are house-rich and cash-poor.
It's important that credit unions offer reverse mortgages to consumers. If they fail to do so, seniors who could benefit from accessing their home equity might be unable to find a lender, or might find only lenders that fall short on the education vital to help seniors apply for the right loan for the right reason, according to Tom Walker, president/CEO, MEMBERS Trust Co.
By offering reverse mortgage programs, credit unions not only meet a significant member need, but they also expand their product and service repertoire.
Take note of these issues and opportunities experts see with reverse mortgages: