CHICAGO – The Federal Savings Bank (TFSB) has 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," TSFB said. "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 product is for members 62 and older.
According to TFSB, 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 www.creditunionreversemortgage.org.