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Conservatorships & Reverse Mortgage Loans

The early onset Alzheimer’s diagnosis was a shock. Who would step in as Conservator and where would resources for helping the family member come from? It can be quite the balancing act. Situation: Cathy never expected her Aunt Trish would ever have needs. She was always super independent and someone she looked up to. So, when she got in trouble with some late bills and seemed to forget appointments and scheduled lunches, friends and family started to wonder what was happening. Aunt Trish covered up the problems for quite a while. But, after several incidents during the holidays, Cathy sat down with her to talk it out. Once it was finally determined that she needed help, things had gotten pretty challenging. Her credit was damaged with some past due payments but she had kept up the mortgage and property taxes. The Money Choices: Aunt [...]

Mom and Son, Reverse Mortgage Co-Borrowers

You pause when you see age 98 as your client's date of birth on their driver’s license. It’s a ‘moment’ ...You pause and think about that lifespan and what it experienced in the last almost 100 years of history. Lily’s appearance looked like 98 too I guess. She had deep character lines on her face and a strained shuffle behind her walker. But her eyes were different from the rest of her body. They shined with an intensity that matched her spoken words. Lily knew she needed financial security for herself and her caregiver son. People of advanced years, including my mother, say that even though the body gets old you are still the ‘same you’ inside and I believe it. Lily knew what she wanted and was not shy in communicating it. She wanted to stay in her home as long as possible. [...]

Conflict at Age 78

At 78, Alison is conflicted on how to meet her financial needs and leave something for her daughter when she passes away.   The Situation Alison is healthy and sometimes a little ornery (or so her daughter Amber lovingly says.) Since Alison's husband died, she has not been as confident in her retirement finances, like she used to be. Mostly concerned about future in-home care costs when she likely will need assistance, she reached out to her daughter to discuss. She needed to prepare for possible emergencies. Additionally, a few important home repairs are needed and they don't fit in her current budget. Alison's daughter Amber knew of Kim Dodge from an event where Kim illustrated a number of FHA Reverse Mortgage strategies for senior home owners. When Alison spoke with Kim, she felt immediately comfortable that she had someone on her [...]

The Cost of In-Home Care Successfully Managed

For Deanna, living 50 + years in one home does not just accumulate memories, but forges a lifeline that connects her past and present. An Alpenrose Dairy box on the front porch of a home in Portland is a sign from a time that has long passed.  Cottage cheese, sour cream, and (my personal favorite as a kid) chocolate milk! were delivered to your home every week.  For Deanna, living 50 + years in one home does not just accumulate memories, but forges a lifeline that connects her past and present. At age 85, she will tell you she has spent time in assisted living and nursing home care. People have been kind everywhere, but there is no place like home.  Deanna is extremely happy to have figured how how to manage the cost of in-home care and to be [...]

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Kim Dodge Reverse Mortgage is licensed in Oregon & Washington | P.O. Box 202, Welches, OR 97067 | Equal Housing Opportunity | NMLS Consumer Access Link

State of Oregon ORS 86A.196: A reverse mortgage is a loan that must be re-paid. Borrower retains title and the loan is due and payable when the last borrower no longer lives in the home as their primary residence. One Borrower must be 62; Borrowers must pay taxes, insurance and maintain the home. Failing to pay these amounts may cause the reverse mortgage loan to become due immediately and may subject the property to a tax lien or to possible foreclosure.

The lender may charge an origination fee, mortgage insurance premium, closing costs and servicing fees, if applicable; all or any of which may be added to the loan balance. The loan balance grows over time and interest is charged on the outstanding balance. Interest on a reverse mortgage is not deductible from the person’s income tax return until the borrower repays all or part of the reverse mortgage loan. Not tax advice, please consult your tax professional. When the loan is due and payable, some or all of the equity in the property with the reverse mortgage no longer belongs to borrowers, who may need to sell the home. Family members may refinance or otherwise repay the loan with interest from other sources.

This material is not from HUD or FHA and has not been approved HUD or any government agency.


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