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Bridging the “Under 65” Healthcare Coverage Dilemma

It's beautiful, but this Bridge does not get you to the other side! Retiring early by choice or necessity can still leave a financial gap before Medicare eligibility. The Situation: Lisa enjoyed working and was skilled with analysis and databases.  Then, life handed her some health challenges that shortened her career.  She had expected to budget for healthcare in retirement, just not so soon.  She needed a financial bridge between forced early retirement and Medicare eligibility at age 65. Her townhome is just right for her and her three, adored 4-legged companions.  Lisa has been careful with her finances to keep her credit solid.  She had researched a Reverse Mortgage to pursue at age 62, as soon as she was eligible.  At this point, she was struggling to keep up with basics even with researching food aid, community resources and property tax [...]

“My guy” has done a few Reverse Mortgages

Linda, a real estate broker, attended one of Kim's Reverse Mortgage Continuing Education classes years ago.  When the time came to investigate her own reverse mortgage, she ran right into "MY GUY". When Interest Rates Rise, Homeowners Hold onto their Current Mortgages. Conventional Mortgage Loan Officers Start to Get Hungry for Other Types of Loans for Income. Linda's real estate brokerage had an in-house lender that Linda had used once in a while to work with her clients on regular, conventional loans. There was a level of trust there and it was there that Linda ran right into the "MY GUY" challenge when it comes to Reverse Mortgage loans. The in-house lender had a guy that had 'done a few reverses' and he could refer her to him, or better yet, he even offered to do the Reverse Mortgage loan [...]

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 [...]

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 [...]

Dream Home in Retirement

Nan and Deb were ready for that dream home in retirement; a place for entertaining friends and family. Nan and Deb were ready for that dream home in retirement; a place for entertaining friends and family, space for a large garden, a potting shed and not to mention a stylish chicken coop.  Also important, one level living, accessibility to accommodate physical changes that aging brings. Do you stay in your current home, or buy a new one that fulfills the dream ‘RETIREMENT ENVIRONMENT’ you have been working so hard for? Financing Choices: Kim Dodge, their loan officer, put together loan options that included a conventional purchase loan with a required monthly principal & interest payment, and a Reverse Purchase loan, with NO required monthly principal & interest payment! When their awesome realtors found this forever home, the choice was [...]

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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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