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Potential-of-Reverse-Mortgages-for-CUs-Broached-in-First-of-Two-New-White-Papers

FOR IMMEDIATE RELEASE
Contact: Katye Long
CUNA Communications, 608-231-4038
klong@cuna.coop


MADISON, Wis. - Learn the inner workings of reverse mortgages and the potential of adding them to credit union lending offerings in the first of two new white papers from the CUNA Councils.

Currently, few credit unions offer reverse mortgages, and 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. It also looks at the product?s potential in credit unions and some pre-launch considerations, including the risks and the importance of member education.

Some credit unions feel that non-interest income and fees have become an economic necessity given the current economic environment. The second new white paper, entitled ?Generating Non-Interest Income,? examines a variety of different views on the subject. The CUNA Chief Financial Officer (CFO) 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 bank shareholder returns.

CUNA Council members are entitled to complimentary copies of these white papers; non-members may purchase the white papers for a price of $50 per copy. The papers are available online at www.cunacouncils.org; select the ?Cross-Council White Papers? link located in the ?Tools and Resources? drop-down menu and select the ?Lending? tab for the reverse mortgages paper, or the ?CFO? tab for the non-interest income paper. From there, non-members should follow the non-member link to order.

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About the CUNA Councils

The CUNA Councils are a national organization made up of more than 4,400 credit union professionals from across the United States. Run by and for credit union executives, the councils target their networking, information, and programs to key areas of credit union management, that make up the six councils: the CUNA Chief Financial Officers (CFO) Council; the CUNA Human Resources, Training and Development (HR/TD) Council; the CUNA Lending Council; the CUNA Marketing and Business Development Council; the CUNA Operations, Sales and Service (OpSS) Council; and the CUNA Technology Council. For more information, go to www.cunacouncils.org.


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