The Strategic Use of a Reverse Mortgage May Help Your Retirement $$ Last Longer.
*For homeowners or homebuyers age 60 or older. Many new programs are available since the summer of 2018*
A reverse mortgage can pay off an existing mortgage and increase your cash-flow because you no longer are required to pay a monthly mortgage payment. Or if you only have a small mortgage on your home, you may have enough equity for a reverse mortgage to provide additional income. Your life and goals change and evolve and your home financing should be aligned. 18 years as a mortgage loan officer with 10 years specializing in Reverse Mortgages, Kim Dodge can help you analyze your options.
A simple annual review or conversation can help you assess opportunities for improvement or just re-assure you that you have the best financing for your situation. Contact Kim at (503) 595-1600 to ask questions and get straightforward answers.
Reverse Mortgage: Is one right for you?
- A Reverse Mortgage can be an effective tool for enhancing your retirement years. You have worked hard all your life and now is the time to enjoy. Whether it is golf, sewing, traveling or spending more time with the grand kids, it is your time to live!
- A reverse mortgage allows seniors to access additional cash by utilizing the equity in their home. However, it is not a decision to be taken lightly. It’s important to work with an experienced originator who can help you assess your unique situation to determine if a reverse mortgage is right for you.
- In fact, a Reverse Mortgage is not for everyone!
- Our first purpose is to evaluate your options and discuss the benefits of each. If a Reverse Mortgage is not the better option, we will tell you that. While we help many people to enjoy their retirement years with travel, or upgrades to their home or more money to enjoy their hobbies, we are also able to help you and your family cover the cost of home health care, medical equipment, medicine, we can even help you if you are in foreclosure.
Reverse Mortgage: Myths Debunked
- You retain title to your home.
- A reverse mortgage can pay off a current mortgage. You do not have to own your home free and clear.
- You will never owe more than what your home is worth. This is a NO RECOURSE loan. If you ended up owing more than the home is worth at the time you move out, neither you, nor your heirs, nor is your estate responsible for the difference. That is the purpose of the FHA mortgage insurance.
- The loan proceeds you receive whether taken monthly, in a line of credit or as a lump sum or a combination of the above are tax free.
NMLS Consumer Access
Kim Dodge Reverse Mortgage is a division of Zyng, Inc. | NMLS 76801 | Licensed in Oregon, Washington and California by the Department of Business Oversight under the California Residential Mortgage Lending Act | Equal Housing Lender Zyng Mortgage is licensed in ID, FL, TX, CO, WA, OR, CA
ORS 86A.196 A reverse mortgage is a loan that must be re-paid. Borrower retains title and the loan is due and payable when the last borrower no longer lives in the home as their primary residence. One Borrower must be 62; Borrowers must pay taxes, insurance and maintain the home. Failing to pay these amounts may cause the reverse mortgage loan to become due immediately and may subject the property to a tax lien or to possible foreclosure. The lender may charge an origination fee, mortgage insurance premium, closing costs and servicing fees, if applicable; all or any of which may be added to the loan balance. The loan balance grows over time and interest is charged on the outstanding balance. Interest on a reverse mortgage is not deductible from the person’s income tax return until the borrower repays all or part of the reverse mortgage loan. Not tax advice, please consult your tax professional. When the loan is due and payable, some or all of the equity in the property with the reverse mortgage no longer belongs to borrowers, who may need to sell the home. Family members may refinance or otherwise repay the loan with interest from other sources.
WA STATE: HUD HECMS Require payment of initial and periodic Mortgage Insurance Premium
These materials are not provided by nor approved by HUD, FHA, or any Government agency.