CHICAGO (PRWEB) April 23, 2018
The Federal Savings Bank (TFSB), one of the largest privately held federally chartered banks in America focused on residential home lending, today announced plans to offer their Member Reverse Mortgage Program to credit unions nationwide.
Since most credit unions do not offer reverse mortgages to their members, this partnership with TFSB is an opportunity for credit unions to better serve their growing population of retirement-aged members through this expanded product offering. The partnerships will be based strictly on a referral basis, and allow TFSB to educate more seniors about this less-known option to plan for a secure financial future.
The Federal Housing Administration-insured reverse mortgage loan or home equity conversion mortgage, is a loan against a home’s equity that requires no payments. It’s available to homeowners who are 62 and older and designed in a safe and sound manner to enhance their financial security.
Approximately 74 percent of retirees will fall short of their income needs at age 62 years old. With that in mind, TFSB’s Member Reverse Mortgage Program, offered in all 50 states, is designed exclusively for credit unions to fill a gap in mortgage and retirement security offerings and to maximize customer satisfaction, retention and growth.
“The Federal Savings Bank recognizes that individuals 62 and older have 60-80 percent of their overall net worth tied to home equity,” said Steve Calk, chairman and CEO of The Federal Savings Bank. “We are honored and proud to partner with credit unions to implement solutions to meet the new retirement reality of their members with our professional and knowledgeable team.”
Learn more about TFSB’s Member Reverse Mortgage at http://www.creditunionreversemortgage.org.
About The Federal Savings Bank
The Federal Savings Bank, one of the largest privately held and most successful veteran-owned banks in America, is an industry leader providing tens of thousands of Americans a path to home ownership through residential home lending. As a federally chartered bank, its highly experienced bankers are experts in lending in all 50 states and have the ability to help those customers achieve the American Dream. In recent years, the Bank’s exceptional work has earned accolades from Ellie Mae, Wells Fargo, The ABA Banking Journal and Bauer Financial. For more information, visit http://www.thefederalsavingsbank.com.