Choosing the Right Reverse Mortgage Bank, Broker, or Lender: What You Need to Know

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Choosing the Right Reverse Mortgage Bank, Broker, or Lender: What You Need to Know

1480-min

When considering a reverse mortgage, selecting a lender that aligns with your goals is essential. While large national banks are well-known for traditional home loans, their approach to reverse mortgages differs significantly. Many prominent institutions, such as Wells Fargo, Chase, and Bank of America, no longer offer reverse mortgages. Instead, smaller regional banks and specialized…

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What Seniors Should Know About Buying a House with a Reverse Mortgage

Seniors considering buying a house with a reverse mortgage should be well-informed about the qualifications, process, benefits, and potential drawbacks. Here’s what you should know: Eligibility: You must be at least 62 years old to qualify for an FHA reverse mortgage for purchase. Depending on your state, there are proprietary reverse mortgages available for people as…

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Northwest Reverse Mortgage
13220 SE 172nd Ave
Ste #172
Happy Valley, OR 97086
Phone: (503) 427-1667

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Northwest Reverse Mortgage powered by Amerifund NMLS #347051. Equal Opportunity Mortgage Broker. Credit on approval. Terms subject to change without notice. Not a commitment to lend. Contents not provided by, or approved by FHA, HUD or any other government agency. All potential tax benefits should be verified with a professional licensed tax advisor. NMLS Consumer Access

At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds; charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees; the loan balance grows over time and interest is charged on the outstanding balance; the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; interest on a reverse mortgage is not tax deductible until the borrower makes partial or full re-payment.