Salem & Tillamook Reverse Mortgage

I’m Eva Cutler and I’m a reverse mortgage specialist for Salem, Tillamook and through out the state of Oregon. If you’ve retired and now have encountered financial hardships, a reverse mortgage could be the solution to help your retirement be more financially stable. I am located in Salem and have helped many Salem senior residents along with Tillamook with a reverse mortgage.
When it comes to a reverse mortgage, I find that a lot of people when they come to me the biggest question is just what exactly a reverse mortgage is. There is a lot of information about reverse mortgages out there, and often times it might seem conflicting. What I like to do with my clients is to give the clearest picture of what exactly the details of a reverse mortgage are, and how one would influence their particular situation.
First of all to qualify for a reverse mortgage you need to be 62 years of age or older. You also have to own a home, and with a reverse mortgage you have to reside in that home to get the benefits. The way a reverse mortgage works is that it pulls money from the equity you’ve built up in your home. So instead of what you’d see with a traditional home loan where each month you pay off that mortgage, you get money each month instead, which is why it is called a reverse mortgage. What that means to you is that instead of now making mortgage payments, you are now getting a tax free income each month.
A lot of the clients I’ve talked to didn’t go into their retirement thinking they would go into a reverse mortgage, or even think they’d need financial help. Retirement can be very unpredictable, and it can be tough living on a fixed income especially when things come up. With a reverse mortgage you can be confident that you will no longer have to worry about the mortgage payments, plus getting extra money each month. That way if unexpected medical bills, remodeling needs, or even just the need to have extra spending cash a reverse mortgage can solve those issues.
A reverse mortgage isn’t for everyone however, there are still fees and certain stipulations that you need to keep in mind. First even though you don’t have mortgage payments, you still need to be able to pay for your home insurance and any real estate taxes. The home also must be maintained as well. You are not losing your home, but in the case the loan ends you or your heirs will be responsible for paying off the balance of the loan.
I hope this gives you a basic idea of what exactly a reverse mortgage is, please feel free to contact me anytime to discuss in detail your specific situation. We’ll go over everything together so you can see clearly how a reverse mortgage will effect your retirement.Click here to get started.