What is a Reverse Mortgage

Very simply, a Reverse Mortgage is a way to convert home equity from your primary residence into liquid funds if you are age 62 or over. The equity that you built up over years of making mortgage payments can be paid to you. The senior homeowner is able to access an amount of home equity based on the age of the youngest borrower, value of the property up to the FHA lending limit (currently $679,650), and current interest rates. The older you are and the more equity you have in your home, the more equity will be accessible. Curtis Lawrence “Mr Reverse Mortgage” is a leading provider of Reverse Mortgages in Portland, Beaverton, King City, Vancouver, as well as the whole state of Oregon and Washington. For more information on Reverse Mortgages and how to qualify contact Curtis Lawrence today at (503)805-2906!

Reverse Mortgage Eligibility

To be eligible for a HECM/Reverse Mortgage your home must be a single family or a 2-4 unit home with one unit occupied by the borrower. Also, FHA approved condominiums and manufactured homes that meet FHA requirements are eligible. There are both adjustable rate and fixed rate Reverse Mortgage programs currently available. The following outlines the various ways you can receive your funds:

Adjustable Rate Reverse Mortgage Program

  • Tenure; equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
  • Term: equal monthly payments for a fixed period of months that you select.
  • Line of Credit; receive payments at times and in amounts of your choosing. Also, your line-of-credit will grow at the loan interest rate.
  • Modified Tenure; a combination of a line-of-credit and monthly payments for as long as you remain in your home.
  • Modified Term; a combination of a line-of-credit and monthly payments for a fixed period of months chosen.

Please note: The homeowner can change the method of receiving funds at any time as their personal circumstances may changes. A nominal fee (i.e. $25 to $35) will be charged by the servicer.

Fixed Interest Rate Reverse Mortgages

Single Disbursement Lump Sum; this is a “closed-end” fixed rate loan. Full amount of available funds will be disbursed at closing. Curtis Lawrence “Mr Reverse Mortgage” is a leading provider of Reverse Mortgages in Portland, Beaverton, King City, Vancouver, as well as the whole state of Oregon and Washington. For more information on Reverse Mortgages and how to qualify contact Curtis Lawrence today at (503)805-2906!