PASADENA, Calif. - (Business Wire) Wescom Credit Union is now offering reverse mortgages, helping senior homeowners tap into the equity in their homes. To provide this product, Wescom is utilizing Reverse Mortgage Lending, Inc. (RMLI), a Wescom mortgage lending company that specializes in reverse mortgage loans. With a reverse mortgage, homeowners 62 and older can convert home equity into cash without moving or making loan payments. There are no restrictions on how the funds are used.
“Reverse mortgages give Wescom an opportunity to provide our senior members financial flexibility, as they have been requesting this type of loan product for quite some time,” said Peter McNulty, senior vice president of Wescom’s real estate division. “Now, these members can obtain advice and apply for a reverse mortgage from the credit union they know and trust as their financial partner. When our members inquire about a reverse mortgage, we refer them to RMLI. RMLI manages the entire loan process, including counseling, application, origination, and funding preparation, and then places the loan with a reverse mortgage lender for funding and servicing.”
“Social security and pensions don’t go far enough anymore,” said Wally Welter, president of RMLI. “Reverse mortgages help homeowners supplement their retirement incomes and enjoy carefree, active lives. I am proud to be serving Wescom members’ reverse mortgage needs.”
RMLI operates in both California and Washington, and is an approved HUD/FHA loan correspondent mortgagee. According to the Department of Housing and Urban Development, the number of federally-insured reverse mortgages surged 41% in the year ended September 2006, and more than 308,000 seniors have used the federally backed HECM loan program since 1990.
WESCOM CREDIT UNION is one of the largest credit unions in the country with more than $3.8 billion in assets. Established in 1934, Wescom is a not-for-profit financial services cooperative serving more than 316,000 members at 55 branches throughout Southern California. Credit Union members have access to more than 25,000 free ATMs nationwide and a wide range of financial services, including free checking and free online bill paying. Membership is open to people living and working in Los Angeles, Orange, Riverside, San Bernardino, Santa Barbara, San Diego and Ventura counties.
Wescom Credit Union
Deena Spicer
Office: (888) 493-7266 ext. 8606
dspicer@wescom.org
