Things To Know About Reverse Mortgages

Posted by wadmin on Wednesday, March 28, 2018

Stone Bridge Mortgage Group_Things To Know About Reverse Mortgages

It’s crucial that buyers considering reverse mortgages have a clear understanding of what precisely is available to them. Each person’s situation is unique, so it’s imperative that your mortgage group works judiciously to ensure that you are accurately informed. Finding a mortgage group to work as your advocate, and finding the right solution for you will take time and effort but every moment spent will be more than valuable.

At Stonebridge Mortgage Group, 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 Regarding Reverse Mortgages

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.

Stonebridge Mortgage Group can help you with your real estate loans and other mortgage solutions, both residential and commercial. We serve the greater Portland area and are located in Gresham, Oregon. Call us today at 503.661.5580.

IMG SRC: www.aag.com

 

 

Important Information to Understand

  1. 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.
  2. Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees.
  3. The loan balance grows over time and interest is charged on the outstanding balance.
  4. 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.
  5. Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment.

 

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