Reverse Mortgage Gresham, OR
There are a lot of misconceptions out there when it comes to getting a reverse mortgage in Gresham. At Stonebridge Mortgage Group, Inc we strive to dispel the misunderstandings. Our no-pressure approach is available to offer you the information you need to make a decision that is right for you. A reverse mortgage is for homeowners who are at least 62 years-old. It involves converting a portion of your property’s equity into cash you can use toward your retirement years. As long as you continue to live in your home, you will not have to make monthly mortgage payments. However, you are required to keep your homeowners insurance and property taxes paid and current. Your reverse mortgage lender may elect to set up a reserve account to pay the insurance and tax bills for you. This type of loan being right for you will depend on such considerations as the amount of equity you have in your home and what your plans are for the future. When you come to our office or call for a free preapproval over the phone our loan officers will happily go over all the information with you.
Reverse Mortgage Options
- Each person’s situation is unique, so we are careful to gather all the pertinent information. We want to be informed to ensure that you are accurately informed. We work as your advocate, finding the right solution that works best for you.
- We pride ourselves on our many happy customer referrals. Our customers know they can send their loved ones to us to get correct answers and the best mortgage services. At Stonebridge Mortgage Group, Inc we will never pressure you into a loan. We are here to provide answers and help you make an informed decision.
- If a reverse mortgage loan is right for you, we will help you find the right lender and make your options clear and understandable. From the initial preapproval, to filling out the application, to signing the final loan, we are with you all the way.
Important Information to Understand
- At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds.
- Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees.
- The loan balance grows over time and interest is charged on the outstanding balance.
- The borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home.
- Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment.
Call us today to discuss your reverse mortgage options.