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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 [...]

Cash-Flow Killers

Connie recently retired at age 66. With social security and 2 small pensions, it seemed like there would be enough to comfortably live on. The Situation: But then her car needed a major repair! The Financial Challenge: Shoot! We know to expect things to wear out and need repair. But we can underestimate them, especially when several occurrences happen in a short timeframe. Now some additional debt on a car has pushed the budget outside her comfort zone. When asking her financial planner about withdrawing some additional funds from retirement assets, they discussed the importance of the longevity of those assets. He suggested she speak with Kim Dodge to see if a reverse mortgage could be a help. Her home was the right style for aging in place, and she had help with great neighbors nearby. She was where she was meant to be, [...]

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. [...]

I Don’t Like Debt

When your mantra is I don’t like debt, it can be a big leap to look at a reverse mortgage. We join their story where… Janet completed a Reverse Mortgage with Kim Dodge’s team and promptly told her neighbor Farrah how the loan was changing her life for the better. Knowing her neighbors Farrah and Joels for over 20 years, Janet was adamant that they look into the Reverse Loan possibilities. Would a line of credit/loan on their house where they didn’t have to make a monthly principal and interest payments finally convince Joel to retire? And really, Farrah was tired of pinching pennies and ‘sitting around the house waiting to die’. Sounds dramatic of course (and she was not just sitting around, that’s for sure) but Farrah felt the tug of their advancing years and she was afraid that if they ‘didn’t get [...]

“Equity Share” is NOT a component of an FHA Mortgage Loan!

FHA reverse mortgages offer borrowers specific benefits and protections. Make sure you know if the loan you are inquiring about is FHA Insured. Then make an apples to apples comparison.  Situation: Julie is concerned about the loan they took out when Anthony got sick. The medical bills were piling up fast. They responded to a mailing from a lender that advertised a cash-out loan and no monthly payments. It seemed to be a solution for them to stay on top of their bills that did NOT require a monthly payment. Unfortunately, they didn’t fully understand the terms of this loan and they were under pressure. They signed the loan documents only to realize later that this was not an FHA Insured Reverse Mortgage (a HECM) but they had signed on for an “EQUITY SHARE” loan. That part was not really made clear on the [...]

Amy’s Retirement Safety Net

Amy has a good pension to augment her social security. But when larger expenses arise, she’s concerned her retirement safety net isn’t strong enough... The Situation: Amy has enough income to cover regular expenses in retirement. But, when larger, unplanned costs started to crop up, she became concerned that her retirement safety net was not quite strong enough. Her home is perfect with one level, and there is enough room for family gatherings and to have the grandkids play (she’s helping with some after-school care). Amy explored a reverse mortgage as a back-up and EVEN started the application process. Then her loan officer quit and the next person in line from that mortgage company called her, a "fast talker"; not really the quality you want in a financial professional. Clearly uncomfortable, Amy reached out to her Credit Union, who referred her to Kim Dodge [...]

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 [...]

Unexpected Tax Bill Can Escalate Other Debt

An unexpected tax amount can be a problem in early retirement.  Even with a well crafted budget or payment plan, it can strain or implode cash-flow. Once you get behind, it feels impossible to catch up!  Did Kelly and George retire too early?? The Situation: Kelly and George had an unexpected tax liability early in retirement.  A payment plan helped, but this extra debt (along with the need for some credit card debt help) was a burden their monthly cash flow.  They still had a mortgage payment.  Had they retired too early and maybe their assets weren't going to last?  This became a huge worry. Their financial advisor suggested they talk with Kim Dodge to find out if an FHA reverse mortgage was a good option for home financing in their situation.  While nervous, since they didn't know exactly what [...]

Caregivers Never Completely Retire

Creating support & confidence in retirement finances can be challenging. A fresh look by a financial professional is a good start. The Story: Chris is a busy guy.  Melissa, his lovely wife, and their 3 adult children are disabled.  While they do receive disability income, it’s limited and Chris has worked hard to create security for his family and to take care of them.  Multiple rental properties provide additional income, but also have maintenance needs.  He knows he needs to shift gears, since at 70 he’s not going to be able to continue do all the maintenance himself and still be there for his family members in the way that he wants to.  Caregivers in retirement don't completely retire. The Financial Challenge: Chris has a private loan of $250,000 now due on one of the rental properties and needs funds [...]

Refinancing your HECM Line of Credit

Paul & Nina knew their homes value had increased significantly.  They wondered if they would have a higher line of credit for emergencies with a refinance of their reverse mortgage refinance.  They wouldn’t think of calling anyone else than Kim for their next loan.  Paul & Nina did their first Home Equity Conversion Mortgage (Reverse Mortgage) with Kim.  When looking at options, they wouldn’t think of calling anyone else.  They received some flyers that made them think there was potential for a higher line of credit for emergencies than with their current HECM.  After estimating their current home value, the estimated increase in line of credit was almost $50,000, well worth considering. Do you have a reverse mortgage now and a significant increase in your home value? The Financial Challenge: The need for additional line of credit wasn’t for any [...]

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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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