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

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Contact Us

Northwest Reverse Mortgage
10121 SE Sunnyside Rd
Ste 300
Clackamas, OR 97015

Number:
(503) 427-1667

Hours:
MON-FRI 8AM - 5PM

Northwest Reverse Mortgage, LLC. NMLS 183-4787. Equal Housing Lender. 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.