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You’ve worked hard for your home – now let your home work for you by taking advantage of your home equity.

Reverse Mortgages, also known as a Home Equity Conversion Mortgage (HECM), gives seniors the ability to use their home’s equity as cash which can provide an improved financial situation by eliminating monthly mortgage payments. This Federally insured loan offers multiple ways to receive the borrower’s funds and gives them the ability to spend the cash as needed. Common uses of Reverse Mortgage income includes paying off debt, assisting with everyday living, covering costly medical bills, home repairs, vacations and more!

With a number of benefits to offer, reverse mortgage programs can be a lifeline for low-income seniors. There are no credit or income requirements, other than your financial ability to pay ongoing property expenses. With this program, the mortgage pays the homeowner. That's right. The reverse mortgage lender pays you the equity you have in your home.

Key Features of Reverse Mortgages

  • Money from a Reverse Mortgage is typically tax-free
  • There are multiple ways to receive the borrower's funds, either as a line of credit, a term payment, a tenure payment or lump sum
  • Live in your home with no mortgage payments and have the ability to maintain their property tax and insurance

Requirements

  • Borrower must be at least 62 year of age.
  • Have the financial ability to pay ongoing property expenses including taxes and insurance.
  • Occupy the property as your primary residence.
  • Own the property outright or have a small mortgage balance.
  • Not be delinquent on any Federal debt.

KEY BENEFITS OF Reverse Mortgages

Retirement security. If you need to add to your income in retirement, a reverse mortgage can help supplement. It gives you the freedom to use your retirement savings in the ways that work best for you.

Free of taxes. You can use the cash you get from a reverse mortgage anyway you want, with no tax liability.

Flexible payment options. You can receive the funds either as a line of credit, a lump sum, a tenure payment, or a term payment. You may also choose a combination of these options.

No change in homeownership. You will retain ownership of your home and can still pass it down to your heirs.

Important Reminder

Before deciding to get a reverse mortgage, talk to an expert to consider all possible risks against the advantages. Traditional reverse mortgages or HECM loans are insured by the Federal Housing Administration (FHA). They require joining an independent counseling session to ensure that you adequately understand the reverse mortgage program and process, and that it is the best fit for your needs.

If you’ve carefully weighed your options, get in touch with us today.

HECM Disclaimer

The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency.

Oregon HECM Disclaimer

At the conclusion of the term of the reverse mortgage contract, some or all of the equity in the property of the reverse mortgage no longer belongs to the borrower. The borrower may need to sell or transfer the property to repay the proceeds of the reverse mortgage from the proceeds of the sale or transfer, or the borrower must repay the reverse mortgage with interest from other assets. The lender will charge an origination fee, a mortgage insurance premium, closing costs, or servicing fees for the reverse mortgage. All or any of these may be added to the balance on the reverse mortgage loan. The balance grows over time, and the lender charges interest on the outstanding loan balance. The borrower retains title to the property that is the subject of the reverse mortgage until the borrower sells or transfers the property. Therefore, this individual is responsible for paying property taxes, insurance, maintenance and related taxes. Failure to pay these amounts may cause the reverse mortgage loan to become immediately due and may subject the property to a tax lien, other encumbrance, or possible foreclosure. Interest on a reverse mortgage is not deductible from income tax returns until all or part of the reverse mortgage loan is repaid.

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