Conversations with my clients often lead to the question of whether they should sell their home and rent, or just stay where they live now? The answer may surprise you. The majority of my senior clients tell me they would rather stay in their home rather than rent. The reasons are twofold: They are already comfortable in their current homes and dread the thought of leaving the place where they have raised their families. In most cases, my senior clients cannot find a place to rent that is less than or equal to what they are paying now and have the comforts of their current home. There are over 70…

The answer to the above question is no, you cannot do a reverse mortgage on a home you do not own?  Your home must be your primary residence and the home must be titled in your name, in other words, you must be the owner. However, suppose you live in your home and you think you own it, because you have been making the payment for over 3 years, such as  the case of our 84 year old client, Mr.C.  You see, Mr. C had a son who died 3 years earlier.  Mr. C. had been paying his share of the mortgage even before his son died.  But, after Mr.C’s…

Why Reverse Mortgages in Coos Bay OR Have Mortgage Insurance (MIP) While we’re expecting private reverse mortgages to come back into the Coos Bay marketplace, at this point, over 95% or reverse mortgages written today are the FHA insured variety known as HECM or Home Equity Conversion Mortgage.  With FHA loans comes mortgage insurance.  Many people are curious why mortgage insurance would be charged on reverse mortgages since borrower’s have quite a lot of equity when they take out the loan.  But since payments aren’t required as long as one borrower lives in the home, and it is a negatively amortized loan there is risk that the loan balance could become higher than the…