Reverse Mortgage ~ You Have Seen the TV Commercials,
You Have Read the Mail Piece

Reverse Mortgage ~ You Have Seen the TV Commercials,
You Have Read the Mail Piece

Are you at a crossroads?  Are you ready for the complete story on how a Reverse Mortgage Loan may improve your retirement or that of someone you care for?  

Family Members

Talk to your local, experienced,
no-pressure Reverse Mortgage Specialists

As a full service Reverse Mortgage Broker, we are not captive to any one lender. We offer you choice and detailed, step by step recommendations. You receive the right loan for your needs and can be confident in your decisions. Most of our clients are referred to us by financial advisors, Realtors and our current clients. We keep our overhead costs low, allowing us to pass those savings on to you. Somebody pays for all that TV advertising out there, but it is not us.

Or more to the point, it’s not you when you work with our team!

Should another loan type be a better fit for you than a reverse mortgage, we can help you with that as well. Think about it, if a company advertises that all they do is reverse mortgages, do you think that some of their clients are being sold a reverse mortgage when they shouldn’t be? We hope not. We are qualified to look at all your mortgage options, and it’s what we mean when we say…

The Right Loan for the Right Reasons!

Let’s look at the primary Reverse Loan types below:

FHA Home Equity Conversion Mortgage

For Homeowners Age 62+

The FHA HECM provides access to home equity for needs or wants. Most appropriate for home values $1,080,000.00 or under.

Fixed Rate and Adjustable Rates with FHA’s unique Line of Credit feature compared side by side. That’s the easy part. The real work starts when we look to squeeze the most value out of this loan, making your equity work harder than ever for you!

Jumbo Reverse For Higher Value Homes

For homeowners age 55+ in Oregon, age 60+ in Washington

Imagine refinancing your existing jumbo loan & having no required monthly principal & interest payment, possibly getting cash-out to boot!

For higher value homes up to $10 million and loan amounts up to $4 million, Jumbo Reverse Mortgages is a cash-flow & portfolio longevity strategy. Borrower protections are similar to the FHA HECM.

Reverse Mortgage Purchase Loan

Yes! You can buy a home with a Reverse Mortgage

Reverse Purchase loan may increase your buying power ~ the right home, in the right location you are seeking ~ and STILL no monthly principal & interest payments due while you live in the home. FHA & Jumbo Reverse options.  Must be your primary residence, you pay property taxes, insurance, HOA if applicable, & maintain the home.

Is cash-flow planning an uphill battle?

A straightforward conversation with Kim, Cheryl or Josh could give

you a clearer perspective.  

Is cash-flow planning an uphill battle?

A straightforward conversation with Kim, Cheryl or Josh could give you a clearer perspective.

How It All Comes Together ~ The Process

A real person with you every step of the way, how refreshing! Obstacles? Questions? Appraisal Hoo-Ha? We’ve seen it before.

We anticipate and prepare well in advance, to address any potential challenges that can turn up during the underwriting review. You may have noticed that a lot of mortgage companies do not offer reverse mortgages. It is not a ‘typical’ loan and you don’t want to trust your financing to a newbie. We do what we say can be done, and work diligently and transparently towards an uneventful loan closing every time.

Don’t get us wrong, we want to celebrate your success. “Uneventful” in the mortgage world, is the fastest way to get to your “Cheers” moment!

Documentation

And HUD counseling…we make it easier with a concise list of what is needed, a secure way to send documents or we’ll meet you face to face. As we said, a real person with you every step of the way.

Appraisal

 Your home is your castle. Let’s make sure the appraiser sees what you see. An Appraisal determines home value and is a primary factor in how large your loan amount or line of credit will be.

Final Approval

We review all loan documents for accuracy and go through them with you before your signing. You have confidence all the way to funding and after! Questions come up, we are a phone call away.

How Much Loan Am I Eligible For? 

  • One borrower must be age 62+.
  • The home must be your primary residence.
  • Home types include
    • Single-family or townhome
    • Two-to-four-unit home with one unit occupied by the borrower
    • Condominium that is FHA-approved or eligible for Single Use Approval
    • Manufactured Homes – subject to FHA guidelines
  • Home must meet minimum FHA property standards and flood zone status.
  • New construction, you must have a Certificate of Occupancy or equivalent.
  • You must have sufficient home equity as determined by FHA’s lending guidelines.
  • We run the FHA calculation to determine all your loan type options.
  • There is a review of your long-term ability to pay taxes and insurance.
  • Loan applications require all borrowers to have in person or over-the-phone HUD Counseling, a protection for you.

  • An option for home values over one million, and for those that do not meet FHA criteria.
  • Similar consumer protections to the FHA HECM.
  • Loan limits are higher than the HECM, up to $4 million.
  • Fees and costs are typically rolled into the loan amount with the exception of required Counseling paid directly to the approved counseling agency.
  • In Oregon, Borrower’s minimum age is 55.
  • In Washington, Borrower’s minimum age is 60.

How much depends on multiple factors including:
  • The age of the youngest borrower or non-borrowing spouse.
  • Your home’s value and the amount of equity in your home.
  • FHA or Jumbo lending limits.
  • Current interest rates.
  • The loan type and cash-out option you choose.

  • Reverse mortgage proceeds pay off your current mortgage.
  • HELOCs are also required to be paid off and closed.
  • Property taxes deferred or due within 60 days of closing must also be paid off through the loan process.
  • Some tax liens may be required to be paid off.
  • Everybody is different, and situations differ. We look at all your options, so you can make informed decisions.

Important Things to Understand
As You Consider a Reverse Mortgage 

(Like what does “Not Having to Make a Monthly Mortgage Payment” mean? Read On!) 

  • As long as you continue to pay your taxes and insurance and uphold the terms of the loan, you keep the title to your home, live there and are not required to make a monthly mortgage payment.
  • Depending upon your eligible loan amount after required payoffs, there may be extra cash available to you.
  • You may be able to take it in:
    • A lump sum
    • Installment payments
    • A line of credit
    • Or a combination of the above
  • If you choose the line of credit option, the unused portion of the LOC grows every month (as long as the loan has not matured or a default has not occurred).
  • The loan is not due until the last living borrower leaves the home or the home is sold.
  • You pay your taxes, insurance, HOA if applicable, and maintain the home.
  • Proceeds from a Reverse Mortgage Loan help with cash-flow, create an emergency fund, or can be used for other needs or wants.

We structure the loan to meet your goals. If a reverse mortgage is not right for you, we will be the first to tell you so.

  • Eliminating a monthly mortgage payment.
  • Establishing a stand-by Line of Credit for emergencies.
  • Protecting your retirement portfolio from sequence of returns risk.
  • Funding the “bucket list” of life experiences that have been out of reach so far.
  • Purchasing a new home with a Reverse Purchase Loan (and no monthly payments!)

What does this really mean?
  • Borrowers MAY make a payment but are NOT required to during the life of the loan.
  • The loan balance grows over time as interest & mortgage insurance accrues on the outstanding balance.
  • You receive a monthly statement showing your current loan balance & any line of credit funds available.
  • There is no pre-payment penalty if you decide to make a payment toward your loan balance.
  • Why would someone make a payment?
    • You may still be working and have excess funds at the end of the month.
    • A payment pays down the loan balance, reducing interest accrual at that time.
    • If you have a credit line, then the credit line increases by that amount and gets the benefit of the ‘growth’ feature.
    • You choose whether to make a payment, invest your extra monthly funds or set it aside for a family activity.

  • You must occupy your home as your principal residence.
  • You must pay property charges (taxes, fees, insurance, HOA as applicable) and maintain the home.
  • Property tax set aside option may be available.
  • If the borrower does not meet the loan obligations, then the loan will need to be repaid.
  • You retain title to your home; the loan is a lien against your property like other home loans.

  • Non-recourse means that the lender can only recover the loan balance due, up to the value of the home, at the time when the loan is due.
  • Non-recourse debt (loan) does not allow the lender to pursue anything other than the collateral (home).
  • No debt passes to your estate or heirs should the loan balance ever exceed the value of the home. (Ask to see a sample copy of a Deed of Trust)

  • At the conclusion of a reverse mortgage, when the borrower no longer lives in the home, the home can be sold and the loan paid off.
  • You, your estate, or heirs receive the seller’s net proceeds after the loan and selling fees have been paid.
  • Family members may also refinance the loan and retain the home.
  • FHA allows for 6 months to repay the loan, or may grant upon request, additional extensions up to one year.

  • Closing costs associated with the loan may include an origination fee, title & escrow, appraisal, recording, trust review (if taking title in the name of your trust) & mortgage insurance premiums.
  • FHA caps origination fees and all lender fees must be for actual services, usual and customary.
  • Individual States set escrow & title fees.
  • We provide you with a full estimate and transparency on all loan costs.

  • A reverse mortgage may help you maintain or improve your quality of life in retirement.
  • Isn’t that what you have been working for?
  • Give us a call, it is just a conversation where you will get answers to your questions.

If you made it all the way down this home page to here… Thank you.  We appreciate your time.

At this point you could be thinking, how would YOUR life be different if you no longer were required to make a monthly mortgage payment or if you had access to a Reverse Mortgage Line of Credit?

    • Funds to pay off expensive credit card debt?
    • Funds for home repair and remodeling?
    • Funds for unexpected medical costs or in-home help?
    • Funds for family, travel and a more comfortable standard of living in your own home?
    • Funds to contribute to a grandchild’s education.
    • Extra monthly income so you don’t have to draw so heavily on your IRA in a down market?
    • Funds for fun.
Kim Dodge, Reverse Mortgage Team

A reverse mortgage may be able to put you back in control of your cash-flow and provide for a more secure, predictable financial future. 

Phone or Text (503) 595-1600   |   Hello@KimDodgeReverse.com

22+ Years in Lending ~ Experienced in Reverse since 2008 ~ Not Captive to Any One Lender ~ We Offer Choice!