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Getting a HELOC in Oregon

HECM LOC vs. Traditional HELOC Chart

When deciding on getting a HELOC in Oregon, you must be aware that there are many different kinds of HELOCs available to choose from. Banks, lenders, and mortgage brokers offer various traditional HELOCs that have their own terms and conditions. The kind of HELOC you choose depends on your goals and your lifestyle. HELOC stands…

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Qualifications for a Reverse Mortgage

Qualifications for Reverse Mortgage (1)

Wondering if you meet the qualifications for a reverse mortgage? Thanks to reverse mortgages, many senior homeowners have been able to make home improvements, travel, pay off medical expenses, or supplement their income by tapping into their home equity. Reverse mortgages have become much safer, more accessible, and more popular thanks to the current Federal Housing…

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Retirees Reconsider How to Use Home Equity

Friends Enjoying A Game Of Golf

-Written by Robin Rosa MLO #1402813, Reverse Mortgage Specialist Much damage has been done to the U.S. economy in the last two years causing retirees to reconsider how to use home equity. The COVID-19 pandemic coupled with shutdowns and central banks’ efforts to stimulate the economy has left the financial markets and world economies on…

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6 Things to Consider Before Getting a Reverse Mortgage

Older guy filling up a form

If you are considering getting a reverse mortgage, you may have done some research or even know someone who has one. Getting a reverse mortgage is an excellent way for people 55 years and older to convert their home equity to cash that they can use for additional retirement funds, home improvements, or medical expenses. Reverse mortgages allow the homeowner to…

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What is a Reverse Mortgage Specialist?

Reverse Mortgage Specialist

What does it take to consider yourself a specialist in reverse mortgages? This answer is subjective: there is no definitive answer to this question. Anyone with an MLO license (even if they have never done a reverse mortgage before) can call themselves a reverse mortgage specialist. The client and their support team (friends, professional advisors,…

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How Does a Reverse Mortgage Work?

How does a reverse mortgage work?

Understanding How Reverse Mortgages Work You have probably seen commercials and heard your friends discuss reverse mortgages but they sound complicated. We get that so, we have broken down some of the basics around “How Does a Reverse Mortgage Work?” in this article. Reverse mortgages are loans for seniors 55 and older who want to…

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Three Types of Reverse Mortgages

Types reverse mortgages.Credits karamysh

You may have heard about reverse mortgages and thought they weren’t suitable for you. You may think they are too confusing or that you probably won’t qualify. However, reverse mortgages offer simple solutions to homeowners 62 and older who want extra funds for paying bills, traveling, or assisting in medical expenses by using the equity…

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Pros and Cons of a Reverse Mortgage

Pros Cons of a Reverse Mortgage

Reverse mortgages have become popularized by television commercials anchored by celebrities. To some, they may seem too good to be true. But reverse mortgages are not all Hollywood glitz and glamour. They are a way for homeowners, now as young as 55 or older, to convert the equity in their homes into spendable cash. Though…

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Paying Off A Reverse Mortgage

Reverse Mortgage Heir

Paying off a reverse mortgage is inevitable- at some point, the loan will need to be paid back. For adult children or heirs who inherit their parents’ housing assets with FHA (Federal Housing Administration)-insured HECM reverse mortgages, it can feel overwhelming. The impulse is often to find out how to get out of any mortgage…

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History of Reverse Mortgages in America

Happy senior couple from behind looking at front of house and car

The history of reverse mortgages in America starts with the HECM (Home Equity Conversion Mortgages) as they are known, which were formally established in the late 1980s by the federal government’s Department of Housing and Urban Development (HUD) after lobbying efforts pushed for seniors to be able to cash in on their home without having…

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Licensing

© 2019 Northwest Reverse Mortgage, LLC NMLS #1834787

Licensed in Oregon, Washington, California and Idaho

Number:
Office: (800) 806-1472
Toll Free: (800) 806-1472
Fax: (541) 253-4370

Central/Southern Oregon Contact:
(541)226-3757

Hours:
MON-FRI 8AM - 5PM

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Contact Us

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

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Northwest Reverse Mortgage, LLC. ML- 5797/ CL-1834787/ DFPI# 60DBO-140333. Equal Opportunity Mortgage Broker licensed in Oregon, Washington, Idaho and California. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. 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.