state employee credit union

State Employees’ Credit Union Member Praises Reverse Mortgage Product

Description: The article below mainly covers the topic on state employee credit union. It mentions that state employees’ credit union member praises reverse mortgage product. The author will share with us about how a reverse mortgage works and tell us several things to think about before we can obtain the reverse mortgage.

Tell me a little bit about how a reverse mortgage works, there are several different things, you’ve got to first be at least 62 years of age, before you can even begin to think about obtaining the reverse mortgage from there, it’s set up as either a line of credit type situation where you can access the equity in your home or it can be set up as a lump sum.

We can get all the money upfront or combination of those two factors and you can get monthly advances, the lender pays the barber in that situation, the reverse of what you happen to put with a traditional mortgage.

What was your main goal for door? They’re worse mortgage to be able to stay in my own plus get some more cash money, because I was struggling my husband died in nineteen seventy and I had three children, so I had been through three college education and weddings.

I was struggling as we got inquiries from our members and we started studying what reverse mortgage was, we learned a lot about it going out on the internet researching and those types of things and found that it wasn’t the cheapest loan that you could get.

There are a lot of fees and costs associated with it, we found that there was a demographic out there and it was going to be a demand for it going forward, so that kind of Peaks, some of our interest and then from there, we decided this was something, maybe we ought to offer our members and began to develop the product that we put in place.

How would you rate the credits worse mortgage as far as these and general about our reverse mortgage? I don’t have many fees which is nice the interest on it kept going up or down up.

There was a limpness as I could go with the credit union, it’s a higher interest rate that I wanted to have, but it will always be the same you submit, it’s so nice, I don’t have to worry about my bills.

If I decide, I want to put a roof on my house, I’ve got the money, if I want to splurge and go out to eat, I can do it, I’m not confined, I will never be one somebody spending their money, but it gives me a freedom of not worrying about my bills.

I was worried about them, it makes us feel good that we’ve been able to improve the life in this case that particular member, but there are probably others, if they were willing to share their story, they would tell us some of the same things that they don’t feel that tight constraint, now that they have a little extra breathing room as a result of having obtained a reverse mortgage for credit union, so we’re pleased.

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