Columbia Credit Union, Vancouver, Wash., this week inked a deal with Security One Lending, allowing the CU to offer its customers reverse mortgages.
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The San Diego-based Security One is licensed in 30 states. It hopes to grow that number to 40 by year-end.
The reverse mortgage market, however, has come under pressure the past three years – along with the decline in home values. Also, more seniors are going into a technical default on their loans, after forgetting to pay real estate taxes.
Columbia Credit Union has $770 million in assets.
