As you’ll learn, 5,500 baby boomers celebrate their 62nd birthday every day of the year. For many, their home is their single biggest asset and, through a reverse mortgage loan, can become part of their financial plan. While reverse mortgage volume pales today in comparison to the demand for forward mortgages, the need is increasing at a rapid rate. Credit unions must decide what role they will play. Our industry has an
opportunity to retain and to serve senior members in much the same way we have an opportunity to attract first-time homebuyers with forward mortgages. Our membership is aging along with the population, and as you’ll also learn, they tend to seek financial services elsewhere after the age of 54.

Are the prospects for reverse mortgage lending as enticing as they are for forward mortgages? If credit unions desire to serve members throughout their lives, this is an important product for your credit union’s financial services menu.

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Challenging the Financial Models is, in part, the sequel to Re-Imagine Your Balance Sheet, one of three white papers published by the CU Housing RoundTable in November 2008. During the RoundTable’s Third Annual meeting last October, the consensus opinion was this topic required further investigation leading to solid recommendations on future strategy. Over the last ten months numerous conversations were held with credit union lenders and chief financial officers on this topic. The information presented here draws on those conversations and reflects the opinions expressed this past year..

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In 1996, after thirty years of mortgage lending, credit unions only possessed 2% of overall market-share.  But the tide has begun to turn.  We’re now on our way to achieving a 10% share.  What caused the shift?  It starts with a realization that we’re in the business of “Housing Finance”, not just mortgage lending.  Take a look at how this paradigm shift leads to a completely different mindset, and opens the doors to new opportunities.

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What’s the common thread among successful credit union lending operations?  Each has a single, passionate committed individual who spearheads the effort and it supported by the organization’s leadership. This white paper describes the role of these “Housing Czars” in credit unions, providing a template of the position’s functions and job description.

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It may be the worst of times for lenders, but could it be the best of times for credit unions?  The collapse of the subprime mortgage industry laid waste to many of the big players in the lending industry, and their old ways of doing business are not coming back.  Does this new era in lending signal unique opportunities for credit unions?  Absolutely.  Find out how CU lenders can capture market share while upholding the values of our industry.

Click here to access CUHRT White Papers.