Oregon Reverse Mortgage Info

(Note: This is an actual story from a former client that gave us permission to pass it on to others that may be thinking about getting an Oregon Reverse Mortgage.)

by Laurie Willis

I got a call recently from Carol M, a client who moved to Eugene from Florida in 2005 to be nearer her family. She found a great condo perfect for her needs, and purchased it using a conforming loan with a 25% down payment. She moved in and made fast friends with her neighbors; many in the neighborhood were retired like she was.

Condo Assessments

Two years later, she found herself struggling with the house payments and increased tax and insurance obligations. In December of 2007, we explored her options and found a Reverse Mortgage to be the perfect mortgage vehicle for her to live on her own and continue her independent lifestyle. Being close to family was very important, living with them under the same roof was another story all-together. Carol did not want to become a burden to family.

Carol was able to obtain a reverse mortgage that paid off her existing mortgage and left her responsible for only the taxes, insurance and HOA dues.

Now, let’s fast-forward to 2009/2010. Carol’s condo project found it necessary to levy special assessments against her home the next 2 years. She received a bill from the HOA for $5,000 in 2009 and another bill for $2,500 in 2010 to help pay the difference between the monthly HOA dues she had been paying, and a special 2 year additional assessment to cover major repairs on the entire project.

Carol said she would have been forced to sell her condo and move if it had not been for the Reverse Mortgage because she did not have the extra money to pay a mortgage AND pay special assessments on top of a mortgage payment.

Contact Us

If you have questions about a Reverse Mortgage we will not pressure you to take one out, but it may be in your best interest to check out one now, rather than later. Please contact one of us today at 541-342-7576. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. You can also e-mail Laurie here or Fred here. We are here to help you make the decision that is right for you. Reverse Mortgages are not for everyone, but they are an excellent choice for some people. Isn’t it time that you checked out the advantages of a Reverse Mortgage?

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