RALEIGH, N.C. – State Employees CU yesterday rolled out a reverse mortgage designed to help senior members utilize the equity in their homes.
The loan offers a fixed, stable rate of interest, a simple interest accrual method, a low origination fee of 1%, no mortgage insurance and no monthly service fees.
A reverse mortgage is a loan against a residence to provide cash to assist with living expenses, typically in the form of a lump sum or fixed monthly disbursement to the borrower. Borrowers must be 62 years of age, utilize the home as their primary residence and receive consumer education on the product from a North Carolina certified reverse mortgage counselor.
To provide additional guidance and financial education on reverse mortgages, SECU also published a booklet for members to learn about the product. The booklet is available via the SECU website at www.ncsecu.org.
