If you’ve retired and now you’ve realized that financially things have become complicated, and the money that you thought would be there now isn’t, there could be a solution. I’m Eva Cutler and I’ve helped many seniors live the retirement they’ve dreamed of with the help of a reverse mortgage. If you own your home in Portland and are at least 62 years old, I can help you qualify for a Portland reverse mortgage.
A reverse mortgage is an option that you should seriously consider if your medical costs have gone up, you need to remodel your home, you need help paying your mortgage or you just want some extra spending cash to enjoy your retirement. Most people that I’ve come across have a lot of questions about exactly how a reverse mortgage works. There are many opinions on reverse mortgages, whether they are good or bad. The truth is that a reverse mortgage isn’t for everyone, but to know if one is the right choice for you it’s important to know the facts. Then from there you can make an informed decision if one is right for you financial situation.
Reverse mortgages were created to help people financially, who are at least 62 years of age. What it does it uses the equity you’ve built in your home to give you a consistent monthly flow of cash you can count on each month, and on top of that you will never have to make another mortgage payment again. That is why it is called a reverse mortgage, because instead like in a traditional forward mortgage where you pay each month to build up your equity, a reverse mortgage does the opposite where it takes the equity you’ve built up and pays you back.
Beyond having to own the home and being at least 62 years of age, you are required to live in the home that has the reverse mortgage. Also you never have to pay anything back until you either move or home is vacated. It’s important to remember it’s not free money, it’s just basically paying you back for the money you’ve put in your home and getting some of that back. Also even though you no longer have to make mortgage payments, you will still be responsible for all real estate taxes and home insurance.
Reverse mortgages are a great option for anyone who’s a retired homeowner and wants hassle free money that they can count on monthly. To learn more about one, or to see how one can effect your personal situation contact me anytime. I also set up my Reverse Mortgage Calculator for you to give me the basics about yourselves so then I can run the numbers and give a more accurate picture of how a reverse mortgage will work for you.