Common Questions

Common Questions

What is a reverse mortgage?
A Reverse mortgage is a loan available to seniors 62 or older which allows them to convert the equity in their home into cash. A reverse mortgage can also be used to purchase a home.

How can I use the money I receive from a reverse mortgage?
There is no restriction on how the proceeds from a reverse mortgage can be used.

How can I qualify for a reverse mortgage?
To qualify for a reverse mortgage, a borrower must be at least 62 years old and undergo a financial assessment by the lender they apply with.

Will my home qualify for a reverse mortgage?
Single-family homes, 2-4 unit properties (one unit occupied by owner), FHA-approved manufactured homes, HUD approved condominiums, and townhomes are eligible for a reverse mortgage, among others. Please call us today to discuss your situation.

How much money can I get from a reverse mortgage?
The amount will vary and is based on a few factors including age of the youngest borrower, current interest rates, value of your home, and how much you may owe on any existing mortgages.

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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

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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

Hours:
MON-FRI 8AM - 5PM

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.