View the reverse mortgage videos below to help you get an idea of how the reverse mortgage works for a refinance or a purchase. The videos will expel common myths surrounding the program and hope to enlighten you about the opportunity this loan can bring.
Jeff Foody, President and Owner of Northwest Reverse Mortgage discusses using a reverse mortgage to purchase a home on Oregon’s Fox12 AM Northwest on Dec 6th, 2021.
Learn how one homebuyer used a reverse mortgage to gain a competitive edge with her offer in the current hot housing market.
The team at Northwest Reverse Mortgage provides options for homeowners aged 60+ by educating about stretching retirement savings through accessing home equity to eliminate monthly mortgage payments with a reverse mortgage. Learn how our specialty reverse mortgage brokerage can help you access your maximum benefit through the many different reverse mortgage programs available. This is not a one size fits all loan- we have options for many different situations; call us today and share your plans with us. We may have just what you need.
A reverse mortgage is a loan available to homeowners aged 55+ to purchase or refinance a primary residence with no monthly mortgage payments. With a refinance, the reverse mortgage pays off any current mortgage they may have, freeing up the cash they had needed previously to make their monthly mortgage payment and allowing for more discretionary income. If the homeowner qualifies for more cash than the balance of their current mortgage or does not have a mortgage on their home, the funds can be paid to them as cash, a line of credit or monthly payments, it is their choice how to take their funds. The funds can be used for anything they may want or need, such as home improvements, unexpected medical costs, and in-home care. The amount a person may qualify for is determined by their age, the value of the home and the current interest rates. Because the loan does not require monthly mortgage payments, it allows the homeowner the flexibility to retain ownership of their home while they utilize the equity to fund their retirement. HECM reverse mortgages are the most common type of reverse mortgage and are available to people aged 62+. All HECM’s are Reverse Mortgages but not all Reverse Mortgages are HECM’s; some reverse mortgages are jumbo and proprietary loans available from specific lenders and are not FHA loans. We have access to every HECM and Proprietary program available and as your local broker, it is our fiduciary responsibility to guide you to the optimal solution for your specific goals.
Jeff Foody, NMLS 253303, President and Owner of Northwest Reverse Mortgage discusses reverse mortgages on KOIN’s AM Extra on Dec 30th, 2020
When we met Tom and Susan, they were at the end of their rope with another reverse mortgage company out of state. They shared with us that they had been working on a loan with the other company for over 100 days with no end in sight. The other company was unfamiliar with the nuances of property ownership in Oregon and had hit a roadblock on their end. We were so thankful to have been given the opportunity to assist with this loan. Considering we are Oregon’s leading reverse mortgage brokerage, we are very experienced with many different situations. We had no issues closing a loan for these two lovely people and were happy to have them signing closing documents within 2 weeks of their first phone call with us!
If you are aged 55+ and considering a home purchase, a reverse mortgage purchase loan can be used to purchase that next home, but there will never be any mandatory monthly mortgage payments due- giving you the freedom to expand your horizons. A reverse mortgage for purchase can be used on many different types of homes, including condos and some manufactured homes on land. The reverse mortgage purchase loan can double your buying power or allow you to spend half as much, giving you options that may have been unavailable with many traditional loans. There are many loan options to consider with a reverse mortgage purchase loan, and Northwest Reverse Mortgage has access to every FHA HECM, Jumbo and proprietary program available. We can guide you to the optimal loan program for your next home purchase in Oregon, Washington, Idaho or California, all with no monthly mortgage payments due! In this video, these retirees are fed up with their loud neighborhood and prefer somewhere more relaxed.
With a reverse mortgage refinance, the equity in your home is converted into cash or a line of credit to access whenever you want or need. The cash you receive from a reverse mortgage refinance is yours to do whatever you like with, and no monthly mortgage payments are due on what is borrowed! This gives homeowners aged 55+ the opportunity to cash in on their equity, without the constraints of any mandatory monthly mortgage obligations. A reverse mortgage refinance may be a great option; a reverse mortgage expert at Northwest Reverse Mortgage can help you decide.
Home Equity Conversion Mortgage (HECM) for Purchase (H4P) is a reverse mortgage that allows seniors aged 62 or older, to buy a new principal home using loan proceeds from a reverse mortgage. The HECM for Purchase Program provides the opportunity to purchase a new principal residence with HECM loan proceeds in a single transaction. The HECM loan does not require mortgage loan repayment until the borrower permanently leaves the home.
A reverse mortgage is a complex financial tool. When deliberating whether it’s a good fit, guidance is best left to the experts with the most experience. NWRM has a responsibility to ensure this program is a great fit for each client. We take the time to provide informed and reassuring guidance to ensure this step is taken in a professional and friendly manner, and that you enjoy an outstanding lending experience.
With an H4P loan, people can take out a reverse mortgage and buy a new home in the same transaction. Usually, Homebuyers have a large cash down payment that is about 40-50% of the new home's purchase price. They then use the reverse mortgage loan to borrow 50 to 60% against the home equity of the new property to complete the purchase of their new home. The homeowners are not required to make any monthly mortgage payments as long as they reside in the home and are expected to maintain the home and cover homeowners’ insurance.
A Home Equity Conversion Mortgage (HECM) is an FHA reverse mortgage loan available to homeowners aged 62+ that requires no monthly mortgage payments. The HECM pays off any current mortgage they may have, freeing up the cash they had needed previously to make their monthly mortgage payment and allowing for more discretionary income. If the homeowner qualifies for more cash than the balance of their current mortgage or does not have a mortgage on their home, the funds can be paid to them as cash, a line of credit or monthly payments, it is their choice how to take their funds. The amount a person may qualify for is determined by their age, the value of the home and the current interest rates. The funds can be used for anything they may want or need, such as home improvements, unexpected medical costs, and in-home care. Because the loan does not require monthly mortgage payments, it allows the homeowner the flexibility to retain ownership of their home while they utilize the equity to fund their retirement. HECM reverse mortgages are the most common type of reverse mortgage. All HECM’s are Reverse Mortgages but not all Reverse Mortgages are HECM’s; some reverse mortgages are proprietary loans available through specific lenders and are not FHA loans. HECM reverse mortgages were created to give homeowners aged 62+ access to funds to stretch their retirement savings and provide additional financial security. Ultimately, the goal of the reverse mortgage program is to allow seniors to maintain their homeownership and live a more quality life.
Whether your goal is to refinance your current residence or purchase a new home, if you are aged 62+, that refinance or purchase can be done with an FHA HECM reverse mortgage. Oregon's local reverse mortgage broker, Northwest Reverse Mortgage can guide you to the optimal solution to your retirement funding. Use your home equity as financial security to sustain your lifestyle through retirement. We even have reverse mortgage programs available for people as young as 55!
Wonder no longer! Watch my interview discussing THE TRUTH about reverse mortgages from the THINK BIGGER podcast. THINK BIGGER for yourself and your family by using a reverse mortgage to live a more secure retirement.
Interview with Jeff Foody, President and Owner of Northwest Reverse Mortgage discussing reverse mortgage changes and updates
Interview with Jeff Foody, Owner and Loan Officer at Northwest Reverse Mortgage
Commercial for Northwest Reverse Mortgage
Our client Rosemary explains why she considered a reverse mortgage in Portland, Oregon and what it has done for her lifestyle since. Getting a reverse mortgage refinance in Oregon alleviated her pressures and allowed for her to rest and relax after a major surgery. Working with the local experts Northwest Reverse Mortgage allowed her to maximize her benefit. She was very happy with our service and we are so blessed to get to call her one of our favorite clients!