Credit Unions Originated Just 81 Reverse Mortgages In Past Year
By CU Today Staff —
LAS VEGAS--Credit unions originated just 81 of the nearly 36,000 reverse mortgages started nationwide during the past 12 months, according to Daily Market Updates, citing executives speaking at the American Credit Union Mortgage Association’s Make Your Mark conference in Las Vegas.
Ron Kamler, president and CEO of Alliance Reverse Mortgage, and Brandon Bartholomew, mortgage sales manager at Mountain America Credit Union, pointed to a sizable gap between credit unions’ reverse-mortgage activity and their potential market. Credit unions have roughly 55 million members who are age-eligible for a reverse mortgage, the executives said.
The panelists said credit unions could increase originations by investing in staff training and developing partnerships that provide the expertise needed to offer the product. They also identified borrower uncertainty about where to begin as an obstacle, arguing that credit unions have considerable room to expand reverse-mortgage lending as their memberships age.
Originally reported by CU Today.