Reverse Mortgage Specialist Jeff Foody discusses new loan options with seniors as young as 60

Reverse Mortgage Specialist Jeff Foody discusses new loan options with seniors as young as 60

F8418CC6211F4E2E829B351ED74182F2When people have a serious health, legal or financial need, they typically seek out a specialist to help them navigate the situation. According to Jeff Foody, President and Owner of Northwest Reverse Mortgage in Clackamas, Oregon, the same logic should apply to reverse mortgages.

That’s why Foody founded his company – to assist clients in understanding their options. Now available to homeowners 60 years of age or older, reverse mortgages can be a great way to support financial needs during retirement. Yet too many individuals don’t get the guidance they need to determine if a reverse mortgage is right for them. “Due to a lack of reliable information,” he observes, “many don’t know what to do.”

Foody offers more than 17 years of experience specializing in reverse mortgages, including previously creating the reverse mortgage division for one of Oregon’s largest mortgage lenders. Now, he’s offering clients a better experience at Northwest Reverse Mortgage.

Understanding Reverse Mortgages

There are several ways that homeowners can access the equity in their homes. One is selling to collect the equity, but for some seniors, a significant move may not be feasible or desirable. Taking out a traditional mortgage offers another option, but after taking into consideration the loan qualification process and the required monthly payments, this might not even be an option for some.

That leaves a third choice, a reverse mortgage, as the most attractive option for homeowners with significant equity in their homes. It eliminates the monthly mortgage payments and has minimal qualification requirements. “A reverse mortgage can supplement retirement planning and serve as a cushion for emergencies,” Foody explains.

In fact, he understands the need for such a cushion first-hand. When his stepfather experienced significant health challenges, Foody’s family had to figure out how to pay for in-home care – fast. In their time of need, a reverse mortgage offered the best possible solution.

“It made a significant difference to our family,” Foody recalls, “and it can do the same for others in similar situations.”

Trust a Reverse Mortgage Expert

Whether you need help buying a home that’s better suited to your situation or need to access some of your current home’s equity, Foody and his team have the reverse mortgage expertise that most banks and traditional mortgage companies lack. “There is no one else in the state of Oregon that is remotely close to the level of experience that we have at Northwest Reverse Mortgage,” says Foody, highlighting his depth of knowledge within the industry. “My blood runs in reverse,” he jokes.

In fact, only a handful of banks even offer reverse mortgages, and most of them are national conglomerates that lack a local presence in the communities they aim to serve. In contrast, Northwest Reverse Mortgage gives every client personal attention to better understand their needs and help them achieve the best possible outcome. Foody notes, “Having somebody come to your house and explain all of the difficulties and details of the program is one of the reasons people choose us.”

Attend a Free Workshop

Due to misinformation and misconceptions, some homeowners may not fully understand reverse mortgages or their value. But, as Foody notes, “In reality, this program can provide multiple financial options that people did not know were available to them.”

To help area residents navigate the process, Foody hosts complementary dinner seminars for consumers where he provides accurate information drawn from his extensive experience. Several scenarios are discussed over dinner and those interested get to have their questions answered by Foody himself. “The guests that come to dinner with us learn more than they thought they would, and they love listening to everyone’s questions and stories. It really brings everyone together and offers an experience a one on one meeting would not.” Foody explains.

This is especially important due to an influx of forward mortgage professionals entering the reverse mortgage market without a sufficient level of experience. “There’s a difference between seeking help from somebody with a year of experience versus a 17-year seasoned reverse mortgage expert who eats, drinks, sleeps and breathes reverse mortgages,” says Foody. In the end, it’s essential to choose an experienced professional who can explain all the complexities of reverse mortgages and how they can deliver the maximum benefit. “You wouldn’t go to your primary care doc for a heart transplant, right?” asks Foody. “No, you would seek out a specialist who has the necessary experience and has earned your trust. Mortgages are similar,” explains Foody. “This is a huge decision that will affect the rest of your life.”

Get Started Now

Too many homeowners have been discouraged from pursuing reverse mortgages in the past. Times have changed and the loan is safer and more dynamic than ever before. If you’ve considered different options for funding retirement or have thought that buying a new home was out of reach, Northwest Reverse Mortgage urges you to attend a seminar and explore your options. “This is a complex financial program, and we explain it in a way that’s easy to understand,” says Foody. “That’s the biggest feedback we receive from our clients – how simple we make the process for them.”

For more information on reverse mortgages visit Northwest Reverse Mortgage online or check them out on Facebook. Call 503-427-1667 to learn more.Northwest Reverse Mortgage, LLC. NMLS-1834787. 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. http://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1834787

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.

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© 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.