Credit Union Partners With Security Reverse Mortgage

imageHarborstone Credit Union based in Tacoma, Washington announced it will start to offer reverse mortgage services to its members by partnering with Security Reverse Mortgage.  The agreement will utilize the Security Reverse Credit Union Program(TM) to educate, process, and fund reverse mortgage loans for its senior members.

"Harborstone Credit Union is very pleased to add Reverse Mortgages to our list of mortgage loan programs for our membership. Over 25% of our membership initially qualifies for a reverse mortgage. Security Reverse Mortgage has been a very professional firm to deal with. We are excited about our partnership with Security Reverse Mortgage," saidRoger Johansen, Sr. Vice President of Lending at Harborstone Credit Union.

Harborstone began as McChord Credit Union in 1956 on McChord Air Force Base and has since grown to a membership of 50,000 with over $550 million in assets.  

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"Harborstone Credit Union wanted to make sure their members were being served so they would not need to go to a competitor to obtain a reverse mortgage. Our program will provide a non-competitive solution for forward thinking credit unions like Harborstone by leveraging our economies of scale and protecting their members," said Tane Cabe, President of Gig Harbor, WA-based Security Reverse Mortgage.

Harborstone Credit Union Partners with Security Reverse Mortgage to Provide Reverse Mortgages

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  • What are the “economies of scale”? The FHA HECM origination Fee is what it is, whether one is talking about a Credit Union (which I admire), a bank, or a
    Mortgage Broker. What is the Origination Fee Dollar Fee split, I wonder. Sounds like a Pool of Reverse Mortgage Senior Fish that Harborstone and Security Reverse Mortgage think they have a “Lock” on. Maybe so;maybe not. Maybe it’s time to cut Origination Fees in the Tacoma area. Whatever happens, Seniors win: Competition is always good, right.

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