Could my partner, family members, or dependents live in my Portland OR house if I have set up a reverse mortgage? Answer: Providing you still live in the property, a reverse mortgage will not change who could live with you. The majority of reverse mortgages available today are House Equity Conversion Mortgages (HECMs). The Federal Housing Administration (FHA), a part of the Department of Housing and Urban Development (HUD), insures HECMs. Provided you still reside in the property, having a HECM is not going to change who is able to live with you. But, in the event you die or leave the property, those who live with you may not…

 What is a Portland reverse mortgage? Answer: A reverse mortgage is a type of loan which enables older homeowners in Portland Oregon to borrow against the equity in their homes. It’s labeled a “reverse” mortgage because rather than making payments to the loan company, you receive money from the lender. The money you receive as well as interest charged on the mortgage loan increase the balance of the loan monthly. Over time, the mortgage balance grows. Because home equity is the value of your property minus any loans, you will have less equity in your property as your loan balance increases, which could turn into a problem if you ever…

I saw an ad in Portland Oregon to get a no-payment reverse mortgage from the Department of Veterans Affairs (VA). Is this legitimate? Answer: No. The VA does not provide no-payment reverse mortgages. Some mortgage brokers run deceptive advertisements aimed towards veterans which promise special offers, suggest VA approval, or provide you with a “no-payment” reverse mortgage to attract older Portland residents desperate to stay in their houses. You’ll want to look out for and avoid lending options in Portland OR that advertise: Official-looking emblems implying that the home loan comes from a government agency such as the VA or the Department of Housing and Urban Development (HUD). Government departments…

If my spouse dies or moves to a elderly care facility, what happens with my reverse mortgage loan in Portland Oregon? Answer: It will depend on whether or not you as well as your spouse are co-borrowers on the Portland reverse mortgage loan, and when the mortgage was funded. Most reverse mortgages that property owners in Portland apply for are usually Home Equity Conversion Mortgages (HECMs). The Federal Housing Administration (FHA), a part of the Department of Housing and Urban Development (HUD), insures HECMs. Inside of the rules governing HECMs, if you live with a spouse, it is a good plan to make your spouse a co-borrower whenever you apply…

So how is a reverse mortgage different from getting a a conventional mortgage in Portland Oregon? A standard mortgage can be used to buy or refinance a home in Portland. The loan company lends you the money to buy or refinance the house. In return, you promise to pay back the mortgage company the funds you financed, along with interest, over a number of years. A reverse mortgage is typically utilized to get cash out of your Portland property. Rather than borrowing to purchase a property, you are borrowing against a house you already own. This lets you use the cash now for expenses, and repay the mortgage when you…

What are the differences between a mortgage company and a servicer in Portland Oregon? Your mortgage company will be the financial institution that loaned you the money. Your mortgage servicer will be the organization that sends you your reverse mortgage statements. Your servicer additionally addresses the day-to-day tasks for managing your loan. Your loan servicer usually processes your loan payments, responds to borrower questions, tracks principal and interest paid, manages your escrow account (if you have one). The loan servicer could commence foreclosure under certain situations. Your servicer might be the very same company that actually provided you the loan. TIP: To determine just who your servicer is, look at…

What happens if I have to move out of my Portland property into a nursing home, or to live with family, and I have a reverse mortgage? Answer: When you have a reverse mortgage and you no longer live in your Portland Oregon property for a majority of the year, or you have to leave your property for health-related factors for in excess of 12 sequential months, you may have to pay off the reverse mortgage loan, which may result in selling your property in Portland OR The vast majority of reverse mortgages funded in Portland are Property Equity Conversion Mortgages (HECMs). The Federal Housing Administration (FHA), a division of…

If I sign up for a reverse mortgage loan, does the mortgage provider own my Portland house? Answer: No. Once you take out a reverse mortgage, the title to your Portland OR property remains with you. When you move out, sell your house, or the last living borrower or eligible non-borrowing spouse passes away, you or your estate need to pay off the HECM loan, but you will never ever have to pay above the appraised value of the property. The reverse home loan balance includes the amount you have received in cash, in addition to the interest and fees which have been included with the loan balance each month.…

What kind of money am I going to get with a reverse mortgage, and what are my payment options if I live in Portland Oregon? Answer: This will depend on the type of mortgage, the mortgage company you choose, and the payment option that you pick. Most reverse mortgages today are Home Equity Conversion Mortgages (HECMs). The Federal Housing Administration (FHA), a part of the Department of Housing and Urban Development (HUD), insures HECMs. With a HECM loan, you can receive your cash in one of three ways: as a credit line, in monthly installments, or a lump sum payment. You can also get a combination of monthly payments and…

Are there any restrictions on the upfront fees a Portland Oregon lender can charge for getting a reverse mortgage? Answer: Almost all reverse mortgages today are insured by the Federal Housing Administration (FHA), as part of its Home Equity Conversion Mortgage (HECM) program. The particular costs listed below are for HECM loans. In addition to HECM reverse mortgages, some Portland OR lenders might possibly offer you what are identified as proprietary reverse mortgages or ones which are not insured by the FHA, which might have different charges. Here’s a list of regular costs that loan providers in Portland charge at the start of a mortgage loan. The Upfront Mortgage Insurance…