If you’re looking to buy a home – or stay in the home you already own – repair your credit, pay down your debt or just learn more about how to manage your money and make sound financial decisions, our Financial Wellness and Homebuyer Education Program is the place to turn.
Purchasing a home is one of the most complicated — and costly — decisions you may make. Your Benefit Fund can help take the guesswork out of the process. Our staff will help you secure an affordable, low-interest mortgage from a lender you can trust. And, if you’re vested in the Health Care Employees Pension Fund or the Greater New York Pension Fund, you may be able to borrow from your pension to cover the closing costs for a house, co-op or condominium.
Home Ownership Opportunities & Support Resources
Pension Fund Home Loan Program
The Pension Fund Home Loan Program allows eligible members to borrow against their defined benefit pension to help cover the down payment or closing costs of purchasing a new home. This means taking a loan secured by your pension that must be repaid on time and in full.
To be eligible to borrow against your pension, you must:
- Be employed by a participating employer in the program;
- Be vested in the 1199SEIU Health Care Employees Pension Fund or the 1199SEIU Greater New York Pension Fund; and
- Be an active member of the 1199SEIU Health Care Employees Pension Fund or the 1199SEIU Greater New York Pension Fund (an employer is contributing on your behalf to the Pension Fund in which you are vested).
In order to determine whether you are eligible to borrow against your pension through the Pension Fund Home Loan Program, you must first email the Financial Wellness and Homebuyer Education Program at [email protected] or call (646) 473-6484 to speak with one of our program representatives. Your eligibility to participate in the program will be reviewed and details will be provided about the terms and conditions of the Pension Fund Home Loan Program.
If you are eligible to participate, you must fill out a Request for Pension Loan Estimate form, which is used to help determine the amount you are eligible to borrow. If you decide to apply for the loan after receiving this information, you must submit the following documents:
- A fully executed contract of sale;
- A signed mortgage loan commitment letter from your lender; and
- Written proof (e.g., a letter from your attorney) of a closing date for all purchase transactions.
After the documents you submitted have been verified and approved, you must complete a Direct Deposit Election Form, which specifies the name of the bank and the type of account (either checking or savings) where your one-time pension loan should be deposited.