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Credit unions originated just 81 reverse mortgages in past 12 months
Credit union executives at an ACUMA conference said training and partnerships could help close the gap between their aging eligible memberships and current reverse mortgage origination levels.
Credit unions originated only 81 of nearly 36,000 reverse mortgages started nationwide over the past 12 months, according to executives speaking at the American Credit Union Mortgage Association (ACUMA) annual Make Your Mark conference in Las Vegas, HousingWire reports.
At the same event, Ron Kamler, president and CEO of Alliance Reverse Mortgage, and Brandon Bartholomew, mortgage sales manager at Mountain America Credit Union, pointed to a mismatch between supply and demand, noting that credit unions have roughly 55 million members who are age eligible for a reverse mortgage.
The panelists said one way to improve performance is investing in staff training and building partnerships, arguing that credit unions have significant room to expand their reverse mortgage offerings as their memberships age.
They also described borrower uncertainty around where to begin, framing it as a key challenge for growing reverse mortgage origination volumes through credit unions.