Reverse Mortgage Lender Silverton OR
Regardless of the need, a Silverton Reverse Mortgage makes it possible to transform the equity in your property to cash without selling your home or taking on a monthly loan payment. These funds are tax free, you keep title to your property, and no repayment is necessary until you permanently vacate the home or guidelines of the mortgage loan are not fulfilled.
Many times, when retirement comes around, you desire additional cash to manage issues that you’ve been postponing. Perhaps it is a much needed vacation? Perhaps monthly health related obligations are holding you back from taking that much-needed vacation?
Getting A Reverse Mortgage Loan In Means Tax-Free Cash
Convert a percentage of your home equity into tax-free funds which can be used for virtually any purpose, which include:
- Paying for home repairs and upgrades
- Getting rid of an existing mortgage loan
- Paying for real estate taxes
- Covering medical expenses or prescription medication costs
- Managing day-to-day bills
- Taking vacations
- Being able to make specific purchases
A Reverse Loan Means…
- You retain title. A Reverse Mortgage enables you to keep ownership and stay in your home while taking advantage of the equity you have built.
- No monthly home loan payments required. Assuming that you maintain the terms of the Reverse Mortgage, no monthly payments will be required.
- Flexibility to get cash the way you want. You may get cash in a lump sum payment, in monthly installments, and also as a credit line which you can pull from when or if you need it.
- Straightforward qualifying. There are cash flow and credit standing requirements needed.
- Government insurance. Most Reverse Mortgages in Silverton Oregon are insured and regulated by the Federal Housing Administration (FHA). They are known as Home Equity Conversion Mortgages (HECM’s).
- Built in consumer protection. All of the FHA insured Reverse Mortgages offered today include features that keep you and your family from owing more than the appraised value of the home – regardless if your property drops in value.
- Absolutely no impact on Social Security along with other benefits. Reverse Mortgages won’t affect your Social Security, Medicare, retirement benefits or any other investments.
Reverse Loans are ideal for lots of people, but they’re certainly not for everyone
Could it be right for you? Call me and let us see! We can meet anytime and wherever you desire (my office, your home, for your convenience). Most information I can provide you with over the phone, too – or by U.P.S., Email as well. And, once more, there certainly is no-obligation, even though we have a face to face meeting!
Just imagine residing in your house monthly mortgage payment free, or enjoying a tax-free funds for life benefiting from the years you have invested in your home. A reverse mortgage is a distinct tool developed for seniors sixty 62 and older. You enjoy having access to a portion of the equity in your home along with the independence and comfort of your house you’ve lived in countless years. It is your home, it’s easy to let it work for you.
Reverse mortgage borrowers in Oregon continue to keep possession and title on their home. It is yours just as it was before, however now you’ll be able to take advantage of the equity that’s been increasing in your property for years. Additionally, HECM reverse home mortgages provide you with the confidence of a government guaranteed FHA protected home loan in which you will not ever owe more than the property is valued at. You can obtain a reverse mortgage on the primary residence and no payment is due until the final borrower passes away or permanently leaves the property.
As a protection, anyone looking for a reverse mortgage in Silverton are required to get HUD counseling from an impartial 3rd party) prior to incurring any costs associated with the loan. Although proceeds from the reverse mortgage are tax-free, consumers really should seek tax guidance on how funds might effect government needs based services like Medic-Aide.
The Reverse Mortgage Facts Every Senior Homeowner in Silverton Oregon Should Know
– A Reverse mortgage is a special loan product for senior citizens Sixty two and older
– A reverse mortgage allows for senior citizens to gain access to a portion of the equity inside their property.
– Borrowers hold title and ownership of their house.
– Proceeds through a reverse mortgage are tax free but borrowers will need to obtain tax advice on how proceeds may effect government need based programs such as Medic-Aide.
– It’s not a government grant, but a loan that is repaid sometime in the future in the event the last borrower dies or permanently departs their property
– A reverse mortgage is eligible only for the borrower’s primary house
– HUD counseling (from an impartial 3rd party) is needed before the borrower taking on any expenses associated with the loan
Exactly How Do You Get Access To The Equity In Your Home?
Reverse mortgage funds are generally obtained in one of five options:
Tenure: equal monthly payments
Term: equal monthly installments for a predetermined period of months as decided by the borrower
Line of Credit: payments done in installments or at different instances along with figures determined from the borrower(s)
Modified Tenure: monthly payments which includes a credit line
Modified Term: monthly installments during a set period of months which has a credit line
Benefits and Negatives To Receiving A Reverse Mortgage Loan
Reverse mortgages in Silverton deliver several advantages for the senior borrower. Here is a short list of a few:
- Tax free proceeds do not affect Social Security or Medicare insurance
- Frees up an illiquid resource (home equity)
- Could enable senior to buy a new house without a monthly mortgage payment
- Can provide you with a source of financial resources while the borrower allows their investments to recoup from financial market losses
- Enhances a senior’s everyday life or makes it possible to live out their hopes and dreams
- Pays off current home loan, many times liberating hundreds or thousands in monthly obligations or preventing foreclosure. Eliminate monthly home loan payments
- Enables the senior to help maintain their independence while staying in their own home
- Provides funds for in home health care or medical related costs
Drawbacks To Reverse Loan Mortgages:
- Spends part of the equity that could be passed on to the estate or heirs
- Growing mortgage balance, decreased equity over time
- May affect qualifications for need based programs such as Medicaid
- For the people itemizing tax deductions, a reverse mortgage removes the write off for home loan interest since no interest is paid
- Settlement costs and mortgage insurance are expensive this means the borrowers should intend on residing in the property for many years to lessen overall costs
As the U.S. population will continue to grow older and life expectations increase, more people are going to be living longer in retirement and without any doubt will need additional sources of long-term source of income. The need for reverse mortgages will increase in Silverton Oregon. Potential borrowers need to weigh the pros and cons of this loan product for their particular financial situation.
Call me today. I look forward to talking with you.