Reverse Mortgages

If you are over age 62 and have substantial equity in your home, you may be qualified for this government sponsored benefit program. You have worked hard to build equity in your home, and now it might make sense for you to tap into it. Our clients have been able to:

* Stop making mortgage payments

* Consolidate their debt

* Increase their standard of living

* Take that dream vacation

Best of all, qualification is not based on income or credit!!

HECM Reverse mortgages (also called Home Equity Conversion Mortgages) enable elderly homeowners to tap into their equity without selling their home. The lender pays you money based on the equity you've accrued in your home; you receive a lump sum, a monthly payment or a line of credit. Repayment is not necessary until the borrower sells the property, moves into a retirement community or passes away. When you sell your home or no longer use it as your primary residence, you or your estate must repay the cash you received from the reverse mortgage plus interest and other finance charges to the lender.

Most reverse mortgages require you be at least 62 years of age, have significant equity in your home and maintain the property as your principal residence.

Reverse mortgages are ideal for homeowners who are retired or no longer working and need to supplement their income. Interest rates can be fixed or adjustable and the money is nontaxable and does not interfere with Social Security or Medicare benefits.

Your lender cannot take property away if you outlive your loan nor can you be forced to sell your home to pay off your loan even if the loan balance grows to exceed property value.

Since this is a government benefit program, it comes with built-in government protections.

Did you know that you can purchase a home with a Reverse Mortgage? Click here to find out how.

Links:

Oregon Reverse Mortgage News - My Reverse Mortgage blog

Reverse Mortgage Calculator - See how much you could qualify for

National Reverse Mortgage Loan Association - Industry website with lots of information

Federal Trade Commission - Reverse Mortgage Facts

AARP - Reverse Mortgage information

National Reverse Mortgage Loan Association - Industry website with lots of information

HUD - Top 10 things to know about a Reverse Mortgage

Property Tax Deferment - Oregon State Program to defer property taxes based on age and income.

Effects of Reverse Mortgage on Property Tax Deferment - How a Reverse Mortgage needs to be set up if you are deferring property taxes through the state program.

Alternatives to Reverse Mortgages - AARP QuickLink site to explore Government programs that you might qualify for. Complete a 15 minute on-line survey to see what is available in your area.

National Care Planning Council - National Directory of Senior Resources


For information on how you we can help you meet your goals, complete the contact form below.