Are You A Senior In Oregon That Is Facing Foreclosure? A Reverse Mortgage Could Save Your Home
With a reverse mortgage, you could stop the foreclosure process, pay off your current loan balance and potentially gain access to a portion of your homes equity. And you don’t have to make monthly mortgage payments.
A home equity conversion mortgage (HECM), also known as a reverse mortgage, allows home owners 62 and older a way to not only pay off their current mortgage, but access additional equity in their home, without needing to make monthly payments. You are still responsible for paying taxes and insurance.
With a reverse mortgage the principal owed increases every month since you are not making payments. The payments, interest and mortgage insurance, are simply added to the loan balance every month. The equity in your home decreases, as payments accrue. Even though you do not need to make mortgage payments, you need to continue to pay taxes, insurance and other homeownership expenses.
The amount you can borrow is based upon your age, interest rates and the reverse mortgage loan option you choose.
Give me a call, Matt Allen MLO-254296, at 541-773-3131. With some very basic information I can get a better idea as to whether you will qualify or not and how much equity you may be able to access.
There is no cost or obligation to speak with me about your situation, ask questions or request a proposal.
Common Reverse Mortgage Myths
The Bank Owns Your Home – FALSE. You own the home. It is just like any other mortgage where there is lien against your property. You are free to do whatever you would like with the property. Sell it, refinance it, pass it on to your heirs, etc. You are on title to the home, not the bank.
Heirs Can Not Inherit The Home – FALSE. When you pass away, your estate gains control of the property. Your estate has the option of keeping and refinancing the home or selling the home. This would be the exact same as if there was a “regular” mortgage on the home.
Social Security and Medicare Will Be Affected – FALSE. Social Security and Medicare will not be affected by a reverse mortgage. However, some programs such as Medicaid may be affected. You should consult with a financial advisor to see how a reverse mortgage may affect your eligibility to these programs.
You or Your Estate Could Owe More Than The Home is Worth – FALSE. The HECM reverse mortgage is a “non-recourse” loan which means that the lender cannot pursue you, your estate or your heirs for any losses associated with the loan.
You Have To Own Your Home Free and Clear To Qualify For A Reverse Mortgage – FALSE. Your current mortgage and any other liens against the property will need to be paid off. But you do not have to own the home outright.
You Must Be 62 In Order To Get The Loan – TRUE. At least one person must be 62 in order to qualify for a reverse mortgage. However, spouse younger than 62 can be on the title to the home. The loan is based on the youngest person’s age.
There is no cost to speak with me about your situation, ask questions or request a proposal.
I really look forward to speaking with you.
Matt Allen – MLO 254296
Sr. Reverse Mortgage Banker
Pacific Residential Mortgage
1555 E McAndrews Rd Suite 301
Medford, OR 97504
Toll Free: 1-888-382-9590
NMLS 1477 / WA CL-1477