California Reverse Mortgage Consultants announced it has added a new partnership with the San Francisco Federal Credit Union to offer its customers reverse mortgages.
The exclusive agreement provides access to the credit union’s three branches and more than 29,000 members according to Ron Kamler, President of CRMC.
”Partnering with a Credit Union that has such a strong commitment to helping the community is in line with CRMC’s values of creating awareness and educating for a better understanding of Reverse Mortgages within the senior community,”he said.
San Francisco Federal Credit Union is a not-for-profit, community-based financial institution exclusively serving San Francisco since 1954. Anyone who lives, works, worships or attends school in San Francisco may apply for membership said the company.
CRMC tells RMD the partnership is the fourth agreement the company has signed and is a growing part of its overall business. Through Q3, approximately 40 percent of the company’s business comes from these partnerships. “We are beginning to realize an increase from our Partnership efforts and expect to close Q4 in the neighborhood of 70 percent,” said Kamler.
The company endorsed 36 HECM loans during fiscal year 2010 according to data from the Department of Housing and Urban Development.