Oregon Reverse Mortgage Information » Eugene Oregon

Oregon Reverse Mortgage Competitive Pricing

Fred Chamberlin — Tue, 27 Apr 2010 18:40:33 +0000

Lower Costs = More Money in Your Pocket

One of the biggest complaints I have heard about Reverse Mortgages is that the closing costs are too high. We, at Oregon Reverse Mortgage Info, have decided to do something about that. We have taken the bull by the horns, so to speak, and decided that we are not going to charge an origination fee for our Oregon Reverse Mortgages and instead rely on the rebate paid by the lender as our source of income on the loans.

What does this mean to the Senior Citizen when looking at their reverse loan costs? Well, previously most lenders charged the normal 2% fee on a reverse mortgage. However, the 2% fee was calculated on the value of the property, not the amount of the loan. So, if the property value was $400,000, the fee would calculate at $8,000 but would be $6,000 (maximum amount). That meant that the senior would receive $6,000 less than they could in the payout of the loan.

Now, the rebate is paid by the lender and even though there will be a loan fee charged, the rebate will offset that loan fee and the senior will receive the total amount in their pay out. This is our way of getting the maximum amount of cash to the senior that we can in an Oregon Reverse Mortgage transaction.

We are also working with lenders that do not charge for the “servicing set asides” and that can mean an additional $3,500 to $5,000 in the client’s pocket on a average loan. Everything we can do to make the process more streamlined and painless will be done for our senior loan applicants.

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?

How Oregon Financial Planners View Reverse Mortgages

Laurie Willis — Thu, 25 Mar 2010 21:58:48 +0000

When researching what our Oregon Seniors can expect with retirement, I found out that a record low of only 13% of responding seniors (in an Employee Benefit Research Institute survey) said they are very confident that they have enough money to live comfortably in retirement. Because retirement assets may continue to dissipate and entitlement programs may dwindle, many financial analysts view reverse mortgages as one tool to buoy finances.

When baby boomers are in their 70’s they may have to look to their houses for needed income support. Statistically speaking, at that time pensions may be gone and people will have to create their own income stream. It’s important to make sure you don’t outlive your assets; it’s not about stock market returns, but about how you are going to get a paycheck for the rest of your life.

For those better off baby boomers, reverse mortgages can be viewed more as a financial safety net, but, with time, experts believe the product’s popularity will continue to rise. For many of our senior citizens in financial difficulty, an Oregon Reverse Mortgage may be the only way out.

In the next 10 or 15 years Oregon Reverse Mortgages will be as common as the standard forward mortgages. Two of the biggest assets for retirees are homes and retirement accounts and once the retirement account is spent, an Oregon senior is only left with the home. Many seniors will have to access this equity to continue their income stream and possibly could not qualify if trying for a forward mortgage due to income or credit. Neither of these are a problem with an Oregon Reverse Mortgage.

In deciding whether to advise an Oregon Senior on a reverse mortgage, it’s critical to know their desire to stay in their home, whether they are in danger of depleting his/her assets, or might be facing a catastrophic event. That is why all of our Oregon Reverse Mortgage applications are one-on-one with our clients so that we can determine how best to help them.

Oregon FHA Reverse Mortgages are not immune to FRAUD

Fred Chamberlin — Tue, 23 Mar 2010 20:08:54 +0000

Oregon Senior Citizens are often a target of unscrupulous people trying to take advantage of them and the Oregon Reverse Mortgage program offers another way to do that. If you check out this previous post, you will see some of the ways Senior Citizens are attacked to take their equity away from them with a Reverse Mortgage.

However, there is help on their side. FHA has establish a HECM (Home Equity Conversion Mortgage – official name of reverse mortgage) Fraud Unit and they are always looking for ways to combat fraud that is targeting our Senior Citizens. In a recent issue of “The REVERSE Review“.” Michael Banner interviewed Inspector General Kenneth Donohue of the HECM Fraud Unit.

From his questions and the answers from Donohue, it appears that Senior Citizens are participating in some of the Fraud schemes, either knowingly or unknowingly. His article also pointed out that this is a serious problem and will meet with serious efforts on the different government agencies working together. Take a look at the article for more information.

If you have questions about an Oregon Reverse Mortgage and would like to discuss your questions or concerns, please contact Fred or Laurie at 541-342-7576 or make an appointment to come to our office, Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. We are here to help you and would be happy to ease your mind if you think you are being taken advantage of in the process.