Is a HECM Reverse Mortgage Right for Me?

Is a HECM Reverse Mortgage Right for Me?

A HECM reverse mortgage could be the optimal solution for you, but how can you tell if it is?

With a HECM reverse mortgage, at least one homeowner needs to be age 62 or older to qualify. A HECM reverse mortgage is the standard FHA-insured reverse mortgage that can be used for loan amounts up to $1,089,300. The funds can be dispersed to the homeowner as cash, a line of credit, or monthly payments. HECM reverse mortgages can have an adjustable or a fixed rate- we tailor the solution to fit your specific needs and desires. When considering “Is a HECM reverse mortgage right for me?” ask yourself: What benefit are you getting currently from having a mortgage with a required monthly mortgage payment? Or, if your house is paid off, ask yourself: What benefit are you getting from the home equity you have built over all these years? How is that equity working for you now? With a HECM reverse mortgage, your monthly mortgage payments become optional and your equity provides a financial security net. HECM reverse mortgages were created specifically for seniors to stabilize and secure their homeownership throughout retirement. If a stable and secure retirement is something you desire, then consider a HECM reverse mortgage.



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Northwest Reverse Mortgage
10121 SE Sunnyside Rd
Ste 300
Clackamas, OR 97015
Phone: (503) 427-1667

Gresham Area

Northwest Reverse Mortgage powered by Amerifund NMLS #347051. Equal Opportunity Mortgage Broker licensed in Oregon, Washington, California, Idaho, Arizona, Texas and Florida. Credit on approval. Terms subject to change without notice. Not a commitment to lend. Contents not provided by, or approved by FHA, HUD or any other government agency. All potential tax benefits should be verified with a professional licensed tax advisor. NMLS Consumer Access

At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds; charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees; the loan balance grows over time and interest is charged on the outstanding balance; the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; interest on a reverse mortgage is not tax deductible until the borrower makes partial or full re-payment.