The North Carolina State Employees' Credit Union (SECU) has introduced a consumer-friendly reverse mortgage designed to help senior members utilize the wealth in their homes in the best manner. The loan offers a fixed, stable rate of interest, a simple interest accrual method, an origination fee of 1%, no mortgage insurance and no monthly service fees, the credit union says.
‘SECU investigated the reverse mortgage marketplace, and we saw numerous opportunities to provide this important product to our members, reducing the typical costs being assessed,’ states Phil Greer, senior vice president of loan administration. ‘Through reduced fees, a fixed rate of interest and a simple interest accrual method, we will provide the member with an enhanced use of their equity.’
Source: NC SECU