Jeff Foody, NMLS 253303, President and Owner of Northwest Reverse Mortgage discusses reverse mortgages on KOIN’s AM Extra on Dec 30th, 2020

Exploring Reverse Mortgages with Northwest Reverse Mortgage

In this Wallet Wednesday segment, Jeff Foody, President and Owner of Northwest Reverse Mortgage, joins Jenny and Elise to discuss reverse mortgages—a financial tool designed to help older Americans access equity in their homes. With nearly 20 years of experience exclusively handling reverse mortgages, Jeff sheds light on how this option can provide financial stability, particularly during uncertain times.

Key Points Covered:

• What is a Reverse Mortgage?
  A reverse mortgage is an FHA loan available to individuals over 60. It allows homeowners to access a portion of their home equity while deferring payments for the rest of their lives. This option is particularly beneficial for those on fixed incomes seeking financial flexibility.
• Current Market Conditions:
  With home values at historic highs and reverse mortgage interest rates at historic lows—fixed rates in the 3% range and adjustable rates below 3%—this is an opportune time for many to consider reverse mortgages.
• Who Can Benefit?
  Reverse mortgages are ideal for seniors planning to stay in their homes long-term. This option is especially valuable for those struggling with existing mortgage payments or seeking to supplement their income without monthly repayment obligations.
• Why Northwest Reverse Mortgage?
  Unlike many national companies, Northwest Reverse Mortgage specializes exclusively in reverse mortgages. Based in Oregon, their team provides personalized service, meeting clients face-to-face and tailoring solutions to fit individual needs. They offer a full range of reverse mortgage options, including jumbo and proprietary products, ensuring clients have access to the best resources available locally.
• Rising Interest in Reverse Mortgages:
  With increased financial uncertainty and retirement concerns, the demand for reverse mortgages has surged. Northwest Reverse Mortgage has tripled its staff since March to accommodate this growing interest, providing a trusted option for those exploring their financial options.

For more information about reverse mortgages and how they might work for you, visit NWReverse.com