Reverse Mortgages
NWFCU has partnered with Credit Union Mortgage Association (CUMA) to bring home-owning members age 62 and older a unique opportunity ― the reverse mortgage.
Once considered a last resort for homeowners struggling to make ends meet, a reverse mortgage no longer carries such a stigma. In fact, it can be considered a component of a well-balanced retirement plan, with your home's equity converted to cash or a line of credit.
Funds are provided tax-free* and can be used for any purpose – from meeting day-to-day financial obligations to funding a grandchild's college education to traveling the world. Best of all, you retain title to and continue to live in your home. Repayment of the loan is due only when you no longer occupy the residence.
A reverse mortgage is a decision best made with a trusted advisor or family member involved, and as such. CUMA Advisors are here to discuss the loan options available to you. An NWFCU Mortgage representative will be happy to arrange a personal meeting for you to learn more.
Email us at mortgages@nwfcu.org for more information.
*Consult your financial advisor.
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