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From the Editors of CU Weekly

MORE MORTGAGE OPTIONS FOR MEMBERS
updated 06/28/16 07:40 AM
Reverse Mortgages From CMF
Community Mortgage Funding (CMF), a fully-licensed mortgage company with a long track record of generating a significantly higher level of purchasing power with outside service providers, is now offering Reverse Mortgages to help credit unions better service their members.

A reverse mortgage, also known as the Home Equity Conversion Mortgage (HECM), is a mortgage that allows senior members (aged 62 years and above) to access and borrow against the equity in their home without having to sell it, give up the title, or incur a monthly mortgage payment.

While such funds can be used for any purpose, repayment is required only if the borrower dies, sells the home, or no longer occupies the home as the primary residence. The proceeds of the reverse mortgage depend upon the age of the youngest borrower, the current interest rate, lower of the appraised value or purchase price of the home, and the maximum mortgage limit.

Borrower Requirements:

  • 62 years of age or older
  • Own a property
  • Occupy the property as primary residence
  • Reverse Mortgage Counseling required (HUD approved counselor)

The borrower has several options for receiving the proceeds:

  • A single lump sum of cash
  • Regular monthly payments as long as at least one borrower lives and occupies the home
  • Regular monthly payments for a fixed period of time
  • A line of credit to be accessed at the borrower's discretion

Click here to learn more.

 
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