Welcome to Direct Finance and the Credit Union Reverse Mortgage Program

In order to fund a Reverse Mortgage, a lender must be approved by the Federal Housing Administration (FHA). The approval process requires an extensive application procedure and expensive guarantees and reserves, which has prevented many financial institutions from obtaining FHA approval.

However, a provision in the regulations allows for a non-FHA institution, working in conjuction with an approved lender, to serve as a Reverse Mortgage Advisor (RMA), providing access to the Reverse Mortgage market. This provision has greatly expanded the ability for non-FHA approved institutions - including Credit Unions - to offer their members access to a Reverse Mortgage.


		Non-FHA Lenders and Reverse Mortgages In order to fund a Reverse Mortgage, a lender must be approved by the Federal Housing Administration (FHA). The approval process requires an extensive application procedure and expensive guarantees and reserves, which has prevented many financial institutions from obtaining FHA approval. However, a provision in the regulations allows for a non-FHA institution, working in conjuction with an approved lender, to serve as a Reverse Mortgage Advisor (RMA), providing access to the Reverse Mortgage market. This provision has greatly expanded the ability for non-FHA approved institutions - including Credit Unions - to offer their members access to a Reverse Mortgage.