Delve into our informative collection of reverse mortgage videos to develop a comprehensive grasp of how this financial instrument functions, catering to both refinancing and purchasing a new property with no monthly mortgage payments. These videos are dedicated to debunking prevalent misconceptions tied to reverse mortgages while furnishing valuable perspectives on the potential they hold. Our foremost priority is to educate about reverse mortgages.
These videos provide a glimpse into the inner workings of our reverse mortgage brokerage and highlight Jeff Foody's expertise and strategic vision, demonstrating how he adeptly navigates the industry to deliver the utmost advantages to our valued clients.
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Reverse Mortgage expert Jeff Foody was featured on KOIN’s Wallet Wednesday on July 28th, 2022 to discuss how a reverse mortgage can be used as part of a robust retirement plan.
When preparing for retirement, homeowners often have the opportunity to leverage their home equity to support their retirement goals and enhance their available discretionary income. In July 2022, Jeff Foody, from Northwest Reverse Mortgage, was a featured guest on KOIN's Wallet Wednesday segment. He discussed various ways in which retirees and those aspiring to retire can incorporate a reverse mortgage into their comprehensive retirement strategy, ultimately enabling a higher quality of life.
Jeff Foody, President and Owner of Northwest Reverse Mortgage discusses using a reverse mortgage to purchase a home on Oregon’s Fox12 AM Northwest on Dec 6th, 2021.
Learn how one homebuyer used a reverse mortgage to gain a competitive edge with her offer in the current hot housing market.
Providing a unique service to our clients
The experts at Northwest Reverse Mortgage are dedicated to assisting homeowners aged 55 and above in optimizing their retirement finances. Our approach involves educating you on leveraging home equity to eliminate monthly mortgage payments using a reverse mortgage. Discover how our specialized reverse mortgage brokerage can guide you in unlocking your full potential through a diverse range of reverse mortgage programs.
We understand that there is no universal solution, and we tailor our offerings to suit a variety of unique situations. Reach out to us today and share your plans with our team; we might have the perfect solution to meet your needs
Stretching Retirement Savings
A reverse mortgage is a financial tool designed for homeowners aged 55 and above, enabling them to purchase or refinance their primary residence without the burden of monthly mortgage payments. In the case of a refinance, the reverse mortgage pays off any existing mortgage, freeing up the funds previously allocated to monthly mortgage payments, thus providing more discretionary income.
Homeowners who qualify for a reverse mortgage can choose to receive the funds as cash, a line of credit, or monthly payments, offering flexibility to meet their individual financial needs. These funds can be used for a variety of purposes, including home improvements, unexpected medical expenses, or in-home care.
The amount a homeowner qualifies for is determined by factors such as their age, home value, and prevailing interest rates. What makes reverse mortgages particularly appealing is their exemption from the requirement of monthly mortgage payments. This allows homeowners to retain ownership of their homes while leveraging their home equity to support their retirement.
The most common type of reverse mortgage is the Home Equity Conversion Mortgage (HECM), available to individuals aged 62 and above. While all HECMs are reverse mortgages, it's essential to note that not all reverse mortgages are HECMs. Some reverse mortgages fall under the category of jumbo and proprietary loans, offered by specific lenders and not insured by the Federal Housing Administration (FHA).
As your local broker, we have access to every HECM and proprietary program available, and our primary duty is to act in your best interests, guiding you toward the optimal solution that aligns with your unique financial goals.
Jeff Foody NMLS 253303 discusses the changing landscape of the reverse mortgage program on AM Extra
Jeff Foody, NMLS 253303, President and Owner of Northwest Reverse Mortgage discusses reverse mortgages on KOIN’s AM Extra on Dec 30th, 2020
Local Reverse Mortgage Experts make the Difference
When we met Tom and Susan, they were at the end of their rope with another reverse mortgage company out of state. They shared with us that they had been working on a loan with the other company for over 100 days with no end in sight. The other company was unfamiliar with the nuances of property ownership in Oregon and had hit a roadblock on their end. We were so thankful to have been given the opportunity to assist with this loan. Considering we are Oregon’s leading reverse mortgage brokerage, we are very experienced with many different situations. We had no issues closing a loan for these two lovely people and were happy to have them signing closing documents within 2 weeks of their first phone call with us!
Reverse Mortgage for Purchase- Let's Sell This House!
If you are aged 55+ and considering a home purchase, a reverse mortgage purchase loan can be used to purchase that next home, but there will never be any mandatory monthly mortgage payments due- giving you the freedom to expand your horizons. A reverse mortgage for purchase can be used on many different types of homes, including condos and some manufactured homes on land. The reverse mortgage purchase loan can double your buying power or allow you to spend half as much, giving you options that may have been unavailable with many traditional loans. There are many loan options to consider with a reverse mortgage purchase loan, and Northwest Reverse Mortgage has access to every FHA HECM, Jumbo and proprietary program available. We can guide you to the optimal loan program for your next home purchase in Oregon, Washington, Idaho or California, all with no monthly mortgage payments due! In this video, these retirees are fed up with their loud neighborhood and prefer somewhere more relaxed.
Reverse Mortgage Refinance Early Inheritance
With a reverse mortgage refinance, the equity in your home is converted into cash or a line of credit to access whenever you want or need. The cash you receive from a reverse mortgage refinance is yours to do whatever you like with, and no monthly mortgage payments are due on what is borrowed! This gives homeowners aged 55+ the opportunity to cash in on their equity, without the constraints of any mandatory monthly mortgage obligations. A reverse mortgage refinance may be a great option; a reverse mortgage expert at Northwest Reverse Mortgage can help you decide.
Purchasing a Home with a Reverse Mortgage
Home Equity Conversion Mortgage (HECM) for Purchase (H4P) is a reverse mortgage that allows seniors aged 62 or older, to buy a new principal home using loan proceeds from a reverse mortgage. The HECM for Purchase Program provides the opportunity to purchase a new principal residence with HECM loan proceeds in a single transaction. The HECM loan does not require mortgage loan repayment until the borrower permanently leaves the home.
A reverse mortgage is a complex financial tool. When deliberating whether it’s a good fit, guidance is best left to the experts with the most experience. NWRM has a responsibility to ensure this program is a great fit for each client. We take the time to provide informed and reassuring guidance to ensure this step is taken in a professional and friendly manner, and that you enjoy an outstanding lending experience.
With an H4P loan, people can take out a reverse mortgage and buy a new home in the same transaction. Usually, Homebuyers have a large cash down payment that is about 40-50% of the new home's purchase price. They then use the reverse mortgage loan to borrow 50 to 60% against the home equity of the new property to complete the purchase of their new home. The homeowners are not required to make any monthly mortgage payments as long as they reside in the home and are expected to maintain the home and cover homeowners’ insurance.
HECM Reverse Mortgages Explained
A Home Equity Conversion Mortgage (HECM) is an FHA reverse mortgage loan available to homeowners aged 62+ that requires no monthly mortgage payments. The HECM pays off any current mortgage they may have, freeing up the cash they had needed previously to make their monthly mortgage payment and allowing for more discretionary income. If the homeowner qualifies for more cash than the balance of their current mortgage or does not have a mortgage on their home, the funds can be paid to them as cash, a line of credit or monthly payments, it is their choice how to take their funds. The amount a person may qualify for is determined by their age, the value of the home and the current interest rates. The funds can be used for anything they may want or need, such as home improvements, unexpected medical costs, and in-home care. Because the loan does not require monthly mortgage payments, it allows the homeowner the flexibility to retain ownership of their home while they utilize the equity to fund their retirement. HECM reverse mortgages are the most common type of reverse mortgage. All HECM’s are Reverse Mortgages but not all Reverse Mortgages are HECM’s; some reverse mortgages are proprietary loans available through specific lenders and are not FHA loans. HECM reverse mortgages were created to give homeowners aged 62+ access to funds to stretch their retirement savings and provide additional financial security. Ultimately, the goal of the reverse mortgage program is to allow seniors to maintain their homeownership and live a more quality life.
Using Home Equity as Cash in Retirement
Whether your goal is to refinance your current residence or purchase a new home, if you are aged 62+, that refinance or purchase can be done with an FHA HECM reverse mortgage. Oregon's local reverse mortgage broker, Northwest Reverse Mortgage can guide you to the optimal solution to your retirement funding. Use your home equity as financial security to sustain your lifestyle through retirement. We even have reverse mortgage programs available for people as young as 55!
The Truth About Reverse Mortgages
Wonder no longer! Watch my interview discussing THE TRUTH about reverse mortgages from the THINK BIGGER podcast. THINK BIGGER for yourself and your family by using a reverse mortgage to live a more secure retirement.
Eye on the Northwest with Natalie Marmion and Jeff Foody from Northwest Reverse Mortgage
Interview with Jeff Foody, President and Owner of Northwest Reverse Mortgage discussing reverse mortgage changes and updates
Eye on the Northwest With Natali Marmion and Jeff Foody
Interview with Jeff Foody, Owner and Loan Officer at Northwest Reverse Mortgage
Northwest Reverse Mortgage: Are you 62 or older?
Commercial for Northwest Reverse Mortgage
Northwest Reverse Mortgage: Your Guide to a More Secure Future
Commercial for Northwest Reverse Mortgage
Reverse Mortgage Client Testimonial- Rosemary
Our client Rosemary explains why she considered a reverse mortgage in Portland, Oregon and what it has done for her lifestyle since. Getting a reverse mortgage refinance in Oregon alleviated her pressures and allowed for her to rest and relax after a major surgery. Working with the local experts Northwest Reverse Mortgage allowed her to maximize her benefit. She was very happy with our service and we are so blessed to get to call her one of our favorite clients!
Reverse Mortgage Client Testimonial- Jerry
Our client Jerry explains how he selected Northwest Reverse Mortgage to be his broker and how the reverse mortgage process went.
