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SECU works ahead of curve on reverse mortgages
RALEIGH, N.C. (4/13/09)--State Employees’ CU (SECU), Raleigh, N.C. is working to provide its members with reverse mortgages that are different from and better than the industry standard. Reverse mortgages are loans against a residence to provide cash to help a homeowner with living expenses--usually in the form of a lump sum or monthly disbursement. Applicants must be 62, use the home as their primary residence, and receive consumer education from a mortgage counselor to quality. SECU’s loan is different than a typical reverse mortgage because it has a fixed interest rate, an origination fee of 1%, no mortgage insurance and no monthly service fees, SECU said. “While this type of loan will not benefit all members, the ones who need this option can rest assured they are getting a product that will not be detrimental to their financial well-being,” said Phil Greer, SECU senior vice president of loan administration. SECU has closed 50 reverse mortgage loans totaling $5 million since August, when the program was introduced. The loan can help with bills, freeing up needed money, said SECU member Oma McKee. “We’ve worked hard all our lives and we have this house, so we might as well let is work for us now,” she said.
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