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Things to Consider Before Taking out a Reverse Mortgage

Older guy filling up a form

If you are considering applying for a reverse mortgage , you probably have done some research or have a friend who has one. Reverse mortgages are an excellent way for people 62 years and older to convert their home equity to cash that they can use for additional retirement funds, home improvements, or medical expenses.…

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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. If you still can’t grasp how reverse mortgages work, we have broken down the basics in this article. Reverse mortgages – also called home equity conversion mortgages (HECM) – are loans for seniors 62 and older who want…

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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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Reverse Mortgages and Heirs

Reverse Mortgage Heir

For adult children who inherit their parents’ housing assets with FHA (Federal Housing Administration)-insured reverse mortgages, it can feel overwhelming. The impulse is often to find out how to get out of any mortgage debts immediately; it is hard to deal with our loved ones debt, especially while grieving. To answer the most common questions…

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History of Reverse Mortgages in America

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

HECM (Home Equity Conversion Mortgages) or Reverse Mortgages as they are known, 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 to sell. As homeownership and the American Dream…

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Why the Personal Touch is Important for Reverse Mortgage Borrowers

Reverse Mortgage Blog

There are many mortgage lenders operating nationally which operate off of successful wholesale lending models, some of which have the resources to advertise phone numbers attached to centralized call centers. In addition to providing a lot of loan volume, these companies can also be powerful sources of education for reverse mortgage borrowers across the country,…

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Educate and Empower: Protecting Our Elders From Fraud

Hands of teenage girl and her grandmother at home.

It is no secret that our elders are at an increased risk of fraud and often lose more in a fraud event than other demographics. Today June 8th, 2021, the Portland, OR FBI released an article outlining one small subset of elder fraud: Real Estate Fraud. The article detailed schemes in which a fraudster takes advantage of…

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World Elder Abuse Awareness Day 2021 | Growing Needs & Increased Action

WEAAD Small Logo

By Aaron Morris   June 15th is World Elder Abuse Awareness Day, and COVID 19 has only increased our need for thoughtful and diligent work.   Elder abuse includes far more than physical harm, and during the growing isolation of the last year, rates of fraud, neglect, and financial exploitation increased. The National Center on Elder Abuse (NCEA)…

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Licensing

© 2019 Northwest Reverse Mortgage, LLC NMLS #1834787
Idaho Branch #2123574

Licensed in Oregon, Washington, California and Idaho

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

Washington Local Contact:
(253) 237-1996

California Local Contact:
(650) 844-6655

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

Idaho Branch
950 W Bannock St
Suite 1100
Boise, ID 83702
Phone: (208) 635-0806

California Branch
17901 Von Karman Avenue
Ste 642
Irvine, CA 92614
Phone: (650) 844-6655

Washington Branch
1420 Fifth Ave
Ste 2200
Seattle, WA 98101
Phone: (253) 237-1996

Mortgage Brokers

Gresham Area
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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.