What Is An Escrow Account?

Opening a mortgage account at Health Care Credit Union

Escrow accounts help you temporarily set aside money whether you’re a homeowner or in the process of buying a home.

How do I set up an escrow account?

Lenders may require you to set up escrow accounts with neutral third parties (we’ll call them middle men) to make sure there is always money to cover the following annual mortgage costs:

• Homeowner’s insurance

• Mortgage Insurance

• Property taxes

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Members with mortgages at Health Care CU can open traditional escrow accounts.

If you want to open an escrow account without an HCCU mortgage, you can apply for a sub-savings account to help pay for your property tax and homeowner’s insurance.

Health Care Credit Union offers a wide variety of accounts

• Deposit Accounts

• Club Accounts

• Individual Retirement Accounts (IRAs)

• Education Savings

See how much your money will grow at Health Care CU with our full list of savings rates.