Whatever the need, an Coos Bay Reverse Mortgage enables you to convert the equity in your home to cash without selling your home or incurring a monthly loan payment.  These funds are tax-free, you retain title to the property, and no repayment is required until the you permanently leave the home.

Many times, when retirement age comes around, you would like additional cash to take care of things that you’ve been putting off.  Perhaps it’s a much-needed vacation?  Perhaps monthly medical expenses are holding you back from taking that much-needed vacation?

Getting A Reverse Mortgage In Coos Bay Oregon Means Tax-Free Cash

Convert a portion of your home equity into tax-free cash
that you can use for any purpose, including:

• Financing home repairs and renovations
• Eliminating an existing mortgage
• Paying property taxes
• Covering medical expenses or prescription drug costs
• Managing day-to-day living expenses
• Taking vacations
• Making special purchases

A Reverse Mortgage Also Means…

• You maintain ownership.  A Reverse Mortgage enables you to maintain ownership and live in your home while taking advantage of the equity you have built.
• No month mortgage payments required.  As long as you maintain the terms of the Reverse Mortgage, no payments are required.
• Flexibility to receive cash the way you want.  You can receive funds in a lump sum, in monthly installments, or as a line of credit that you can draw from when or if you need it.
• Easy qualifying.  There income and credit qualifications required.
• Government-insurance.  Most Reverse Mortgages are insured and regulated by the Federal Housing Administration (FHA).  They are called Home Equity Conversion Mortgages (HECM’s).
• Built-in consumer protection.  All FHA insured Reverse Mortgages offered today have features that prevent you and your family from owing more than the value of your home – even if your home declines in value.

No impact on Social Security and other benefits.  Reverse Mortgages will not affect your Social Security, Medicare, pensions or other investments.

Reverse Mortgages in Coos Bay OR are great for many, but they are not for everyone. 

Is it right for you? Call me and let’s find out! We can meet whenever and wherever you want (my office, your Coos Bay home, for your convenience).  Most information I can give you on the phone, too – or by Fed Ex, Email as well.  And, again, there is no-obligation, even if we have a face-to-face meeting!

Imagine living in your home mortgage free, or enjoying a tax free income for life benefiting from the years you’ve invested in your home. A reverse mortgage is a unique tool designed for seniors 62 and older. You enjoy access to part of the equity in your home and the freedom and comfort of the home you’ve known for so many years. It’s your home, now you can put it to work for you.

Reverse mortgage borrowers in Coos Bay Oregon retain ownership and title to their home. It’s yours just as it was before, but now you can benefit from the equity that’s been building in your home for years. In addition, HECM reverse mortgage loans give you the peace of mind of a government guaranteed FHA backed loan where you will never owe more than the home is worth. You can get a reverse mortgage on your primary residence and no repayment is due until the last borrower passes away or permanently leaves the home.

As a protection all those seeking a reverse mortgage in Coos Bay are required to obtain HUD counseling (from an independent third party) prior to incurring any costs associated with the loan. While proceeds from a reverse mortgage are tax free, borrowers should seek tax advice on how proceeds may effect government needs-based programs such as Medic-Aide.

The Reverse Mortgage Facts

– A Reverse mortgage is a specialized loan for seniors 62 and older

– A reverse mortgage allows seniors to access a portion of the equity in their home.

– Borrowers maintain title and ownership of their home.

– Proceeds from a reverse mortgage are tax free but borrowers should seek tax advice on how proceeds may effect government needs-based programs such as Medic-Aide.

– It is not a government grant, but a loan that is repaid in the future when the last borrower dies or permanently leaves their residence

– A reverse mortgage is eligible only for the borrower’s primary or principle residence

– HUD counseling (from an independent third party) is required prior to the borrower incurring any costs associated with the loan

How Do You Get Access To The Equity In Your Coos Bay Home?

Reverse mortgage payments can be received in one of five ways:

• Tenure: equal monthly payments
• Term: equal monthly payments for a fixed period of months as decided by the borrower
• Line of Credit: payments made in installments or at various times and in amounts dictated by the borrower(s)
• Modified Tenure: monthly payments with a line of credit
• Modified Term: monthly payments for a fixed period of months with a line of credit

Advantages and Disadvantage To Getting A Reverse Mortgage In Coos Bay Oregon

Reverse mortgages in Coos Bay provide many advantages for the senior borrower. Here is a short list of just a few:

• Tax-free proceeds do not affect Social Security or Medicare
• Frees up an illiquid asset (home equity)
• Can allow senior to purchase a new home with no mortgage payment
• Can provide source of income while borrower allows their investments to recover from market losses
• Improves a senior’s standard of living or allows them to live out their dreams
• Pays off existing mortgage, in many cases freeing up thousands in monthly payments or preventing foreclosure. No more mortgage payments
• Allows the senior to maintain their independence while living in their own home
• Provides money for in-home health care or medical expenses

Disadvantages

• Spends part of the equity that would be passed on to the estate or children
• Increasing loan balance, decreased equity over time
• May affect eligibility for needs-based programs such as Medicaid
• For those itemizing tax deductions, a reverse mortgage eliminates the deduction for home interest as no interest is paid out of pocket
• Closing costs and insurance are expensive which means the borrowers should plan on living in the home for several years to reduce overall costs

Give me a call today. I look forward to hearing from you.