Reverse Mortgage Redmond Oregon

Many Seniors In Redmond Oregon Have Considered Getting A Reverse Mortgage – Here Is Why

Regardless of the need, an Redmond Reverse Mortgage enables you to convert the equity in your home to cash flow without selling your home or incurring a monthly loan payment. These funds will be tax free, you keep title to the house, and no repayment is necessary until you permanently leave the property or guidelines of the mortgage loan are not fulfilled.

Often, when retirement comes around, you would like extra money to manage stuff that you’ve been delaying. Maybe it is a much needed vacation? Maybe monthly medical related costs are stopping you from taking that much needed vacation?

Getting A Reverse Mortgage In Redmond Oregon Means Tax-Free Cash

Convert a portion of your home equity into tax free funds which can be used for any purpose, including:

Financing home repairs and renovations
Eliminating an existing mortgage
Paying property taxes
Covering health related expenses or prescription drug costs
Dealing with day-to-day living expenses
Taking vacations
Making specific purchases

A Reverse Mortgage Also Means…

You maintain ownership. A Reverse Mortgage enables you to keep ownership and reside in your house while benefiting from the equity you have created.
No monthly home loan payments necessary. As long as you maintain the provisions of the Reverse Mortgage, no monthly payments are necessary.
Flexibility to get cash how you want. You can receive funds in a lump sum, in monthly installments, or as a line of credit which you can pull from when or if you need it.
Simple qualifying. There is income and credit qualifications needed.
Government insurance. The majority of Reverse Mortgages in Redmond are insured and regulated by the Federal Housing Administration (FHA). They are referred to as Home Equity Conversion Mortgages (HECM’s).
Built in consumer safety. All FHA insured Reverse Mortgages given today have features that prevent you and your family from owing more than the value of the home – even when your home decreased in value.

No impact on Social Security along with benefits. Reverse Mortgages will not affect your Social Security, Medicare, pensions and other investments.

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Reverse Mortgages in Redmond OR are great for many, but they are not for everyone.

Is it right for you? Contact me and let’s find out! We could meet anytime and wherever you’d like (my office, your Redmond” home, for your convenience). Virtually all information I am able to present you with on the telephone, too – or by Fed-Ex, E-mail as well. And, again, there is certainly no-obligation, even if we have a face to face meeting!

Imagine living in your house mortgage free, or enjoying a tax free funds for a lifetime benefiting from the years you’ve invested in your property. A reverse mortgage is a extraordinary loan designed for seniors sixty 62 and older. You enjoy access to a portion of the equity in your property and the freedom and comfort of the home you have known for so many years. It is your home, now you can put it to work for you.

Reverse mortgage borrowers in Redmond Oregon maintain ownership and title to their home. It’s yours every bit as it was before, but now you’re able to benefit from the equity which was building in your property for years. Furthermore, HECM reverse mortgage loans supply you with the peace of mind of a government guaranteed FHA backed loan in which you can never owe more than the home is worth. You can obtain a reverse mortgage on your primary residence and no repayment is due until the last borrower dies or permanently leaves the home.

As a safeguard, all those looking for a reverse mortgage in Redmond are required to receive HUD counseling (from an impartial third party) before incurring any costs associated with the mortgage loan. While proceeds from a reverse mortgage are tax-free, consumers should seek tax guidance on how funds may effect government need based programs such as Medicaid.

The Redmond Reverse Mortgage Facts

– A Reverse mortgage is a specialized loan product for seniors Sixty two and older

– A reverse mortgage makes it possible for seniors to access a portion of the equity in their property.

– Borrowers maintain title and ownership of their home.

– Proceeds from a reverse mortgage are tax-free however borrowers will need to seek tax advice on how proceeds could effect government needs-based programs such as Medic-Aide.

– It isn’t a government program, but a loan that’s repaid in the future when the last borrower passes away or permanently leaves their residence

– A reverse mortgage is allowed only for the borrower’s primary or principle residence

– HUD counseling (from an independent third party) is necessary prior to the borrower incurring any expenses related to the loan

How Do You Access The Equity Inside Your Redmond Home?

Reverse mortgage payments could be received in one of five options:

Tenure: equal monthly payments
Term: equal monthly payments for a fixed period of months as decided by the borrower
Line of Credit: payments made in installments or at various times and in amounts dictated by the borrower(s)
Modified Tenure: monthly payments with a line of credit
Modified Term: monthly payments for a fixed period of months with a credit line

Advantages and Disadvantage To Obtaining A Reverse Mortgage In Redmond Oregon

Reverse mortgages in Redmond provide many benefits for the senior borrower. This is a short list of just a few:

Advantages To Reverse Mortgages

Tax-free funds will not affect Social Security or Medicare
Frees up an illiquid resource (home equity) Could make it possible for a senior to purchase a different home without any monthly loan payment
Can provide source of financial resources while borrower allows for their investments to recoup from market losses
Improves a senior’s standard of living or enables them to live out their goals
Pays off existing mortgage, oftentimes freeing up hundreds or thousands in monthly payments or stopping foreclosure.
No more monthly mortgage payments
Allows the senior to take care of their self-sufficiency while staying in their own home
Provides cash for in-home health care or health related expenses

Drawbacks To Reverse Mortgages

Spends a portion of equity that might be passed on to the estate or children
Growing mortgage balance, lowered equity over time
May have an effect on qualification for needs-based programs like Medicaid
For those itemizing tax deductions, a reverse mortgage takes away the deduction for home interest as no interest is paid out of pocket
Closing costs and mortgage insurance can be very expensive which means the borrowers should intend on residing in the home for several years to reduce overall costs

As the U.S. population continues to age and life expectancies increase, more people are going to be living longer in retirement and without doubt will be needing additional sources of long term income source. The requirement for reverse mortgages will continue to increase in Redmond Oregon. Prospective borrowers need to weigh the advantages and disadvantages of this type of loan for their particular financial circumstances and ask lots of questions.

Call me today. I look forward to talking with you.