If it wasn’t already a one-stop shop, consumers can now go to Costco for their mortgage and refinancing needs. While the company hasn’t stated any intention yet to get into the reverse mortgage business, it has made a strong foray into forward mortgage lending.
Teaming up with First Choice and roughly 10 other lenders, Costco members receive premium pricing depending on membership level, according to the company’s website.
The company has tested the mortgage program over the last year and has issued mortgage to more than 10,000 members under the program, according to a CNN report.
“We’ve always known that our members wanted more financial services,” Lauren Kutschka, Costco’s manager of financial services, told CNN. “Right now, we offer recreational vehicle and boat loans and we’re going to add auto loans to that. We’re also looking to offer student loans.”
Are reverse mortgages coming next?
Read the CNN report.
Written by Elizabeth Ecker