Reverse Mortgage Info for Banks and Credit Unions
Although being an actual reverse mortgage lender may not be within the mission of your institution, as a bank or credit union, providing resources where your client can find information about reverse mortgages will be considered a value-added service.
There is High Value in Reverse Mortgage Info to Credit Unions and Bank Clients
By providing reverse mortgage information, credit unions and banks can help preserve the integrity of the relationship with depositors and members which is of paramount importance. One element in preserving that relationship is to be a resource for information that affects many aspects of their lives. In today’s economy, it is far too common to find house-rich and cash-poor seniors feeling compelled to make unwise financial decisions.
These might include the early surrender of CD accounts, early and taxable draws from their IRA, and the over use of high-interest credit cards. In situations like these, receiving reverse mortgage info from a credit union or bank may be appreciated and perceived as a good faith effort to help your client find alternatives.