GIG HARBOR, Wash. — Anyone looking for a bright spot in the darkening mortgage market may find relief in this demographic factoid: 78 million baby boomers are about to turn 65. That's three years older than the minimum age required to secure a reverse mortgage.
Because the average age of a credit union member is now well over 40–with a good percentage much older than that–more CUs are beginning to add the reverse mortgage to their product menus. Credit unions also will find an increasing number of vendors specializing in the CU sphere as well as CUSOs adding reverse mortgages services.
Security Reverse Mortgage here is one of that growing number and MLS Reverse Mortgage (which does business as Reverse Mortgage Advisors) of Auburn, Calif., is another. Suncoast Schools FCU's CUSO, Members Trust also features a reverse mortgage product.
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