At Stonebridge Mortgage we are dedicated to finding you the best mortgage option for you. We treat you like we would our own family so you can feel confident in your decision.
Reverse Mortgages can be tricky. If you are looking into getting a reverse mortgage come on into Stonebridge Mortgage. Each person’s situation is unique, and we will give you the information you need to make the decision that’s right for you.
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. The lender will pay you each month toward the loan balance. As long as you continue to live in your home, you will not have to make monthly mortgage payments. 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.
Learn more about getting a reverse mortgage with Stonebridge Mortgage.
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.