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Union Plus Mortgage Program Helps Philly Member

 

December 1, 2014


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Philadelphia Local 98 member Eric Hudson: ‘I’d never planned to use the program, but I was glad Union Plus was there for me when I needed them.’

Workers took a wallop in the recession – and Eric Hudson was no exception.


During the recent economic downturn, the 16-year Philadelphia Local 98 member twice went more than six months without work. But the bills kept stacking up, and Hudson was getting nervous about his mortgage.

“I did what I could to keep some money coming in during hard times,” he said. He also had previously refinanced his house using the Union Plus Mortgage program – which made the difference during the lean periods.

Hudson accessed Union Plus’ mortgage assistance, which can help union members keep their homes in the event of a strike, lockout, layoff or disability.

After reading about the program online, Hudson applied for and received $2,500 in interest-free assistance, which he started repaying at $75 per month. Then, when work picked up again as the economy improved, he paid off the rest in one big chunk. “I’ve just worked 30 days without a day off,” he said. “I figured I’d get the money paid back so help will be there for other union members who need it.”

The Union Plus Mortgage program has provided $43.6 billion in mortgages to help more than 200,000 union members and their families buy or refinance a home. Tailored to meet the needs of active or retired union members – as well as their parents and children – the program’s other benefits include:

  • Hardship Assistance: Union Plus Mortgage assistance helps members and their families who are unemployed, recently disabled, on strike or locked out make their mortgage payments with interest-free loans and grants. Mortgage assistance has provided almost $10 million to help members keep their loans current and stay in their homes.

  • Award Card: Union members and their families may receive a $500 Wells Fargo My Mortgage GiftSM award card after closing on a purchase or refinancing a loan.

  • Incentive for First-Time Home Buyers: Union members who are first-time buyers can apply for a $500 First-Time Home Award. Active or retired union members who used the Union Plus Mortgage program to purchase their first home are eligible to apply.

“I’d never planned to use the program, but I was glad Union Plus was there for me when I needed them,” Hudson said.

 Learn more at www.UnionPlus.org/Mortgage.

 



 

 

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