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Reverse mortgages fees topic of two CUNA Council papers
MADISON, Wis. (4/14/08)--Credit unions can learn the inner workings of reverse mortgages in the first of two new white papers from the CUNA Councils. Few credit unions offer reverse mortgages. Those that do generally outsource the servicing. “Reverse Mortgages: A Product Poised for Exponential Growth,” sponsored by the CUNA Lending Council, explores how these mortgages work, their market, and available options. The paper also looks at the product’s potential in credit unions and some pre-launch considerations, including the risks and the importance of member education. The second new white paper, entitled “Generating Non-Interest Income,” examines a variety of different views on the subject. Some credit unions say that non-interest income and fees have become an economic necessity given the current economic environment. The CUNA Chief Financial Officer Council-sponsored paper also offers a member-centric philosophy and approach to fees by stating that the income directly benefits members in competitive savings and loan rates rather than in bank shareholder returns. CUNA Council members can receive complimentary copies of the white papers. Non-members may purchase the white papers for $50 per copy. For more information, use the links.
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