PASADENA, Calif. – Wescom CU yesterday said it is offering reverse mortgages, helping senior homeowners tap into the equity in their homes.
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.
The mortgages are being offered through a third-party provider called Reverse Mortgage Lending, Inc. When a Wescom member inquires about a reverse mortgage, the $3.8 billion credit union refers 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.
RMLI operates in both California and Washington, and is an approved HUD/FHA loan correspondent mortgagee.
