A Change: State Employees Credit Union’s Reverse Mortgage

Posted by Charles D

May 3, 2009

Credit Union

There has been a close of 50 Reverse Mortgage Loans (over $5 million) in the Credit Union since August 2008. This is all due to the impact of the SECU’s reverse mortgage, which has turned out to be the needed solution for some of the SECU members.

As to qualify for a mortgage loan, a person needs to be of minimum 62 years, should be able to receive consumer education regarding the loan from North Carolina certified reverse mortgage counselor and should utilize the home as their primary residence. Borrowers may not have a chance to get this loan facility rather need to look into alternative options. You must live in your home or consider unoccupied mortgage insurance.

SECU offers the loan in an entirely different setup from the Credit Union. SECU believes on reverse mortgage market to be the next subprime debacle and need to work on providing a different cost-effective method.

The Credit Union has consulted with many institutions for their expertise on reverse mortgages.

“I think that the SECU Reverse Mortgage is a really great product. It’s great to know the Credit Union has a loan that can help senior members. I would recommend the Credit Union’s Reverse Mortgage. I’m really glad I got the loan.” says SECU member Oma McKee

“The Credit Union developed a product far superior to the industry standard, resulting in more funds being made available to our members for their day-to-day living expenses.” comments Phil Greer, The Senior Vice President of SECU’s Loan Administration department.

SECU is a non-profit financial cooperative owned by its members, which has been providing the employees of the State of North Carolina and their families with consumer financial services for over 70 years. Full Story…