Oregon

Local Reverse Mortgage Expert in West Linn

FHA Reverse Mortgages (HECMs) for Seniors in West Linn Oregon

IN TODAY’S DIFFICULT ECONOMIC TIMES, PEOPLE WANT MORE OPTIONS!

Are finances a little tight? Is it getting tougher to make that house payment?  Are you worried about the future & need your peace of mind back?  Have you experienced events that created a financial loss? For a long time no one  in West Linn knew what a Reverse Mortgage was.  Now, they are the talk of the town and popular as seniors are enjoying a loan with NO monthly mortgage payment ever due and if there are proceeds received, they are tax-free.  This is helping many deal with life right now!

However, Reverse Mortgages are complex and require further explanation by a person with experience.  My goal is to provide in-depth facts, explaining the pros and cons about all of the Reverse products, in order for each individual to determine if a reverse is the right option. Preferably, a face-to-face appointment (no obligation) is best.  You deserve the time spent. I will provide information by mail, email and yet again I stress, it is best understood in person. Your home is usually your largest asset and I take that to heart as I educate you.

Reverse Mortgages are great for many people in West Linn, but they are not for everyone. 

Is it right for you? Call me and let’s find out! We can meet whenever and wherever you want (my office, your home, for your convenience).  Most information I can give you on the phone, too – or by Fed Ex, Email as well.  And, again, there is no-obligation, even if we have a face-to-face meeting!

If you are a homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount, and are currently living in the home, you may participate in FHA‘s Home Equity Conversion Mortgage (HECM) program.  The HECM is FHA’s reverse mortgage program  in West Linn enables you to withdraw a portion of your home’s equity.

You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

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How the Program Works

There are many factors to consider before deciding whether a HECM is right for you.  To aid in this process, you must meet with a HECM counselor to discuss program eligibility requirements, financial implications and alternatives to obtaining a HECM and repaying the loan. Counselors will also discuss provisions for the mortgage becoming due and payable.  Upon the completion of HECM counseling, you should be able to make an independent, informed decision of whether this product will meet your specific needs. You can search online for a HECM counselor or call (800) 569-4287 toll-free.

There are borrower and property eligibility requirements that must be met.  You can use the listings below to see if you qualify. If you meet the eligibility criteria, you can complete a reverse mortgage application by contacting a FHA-approved lender in West Linn OR.  You can search online for a FHA approved lender or you can ask the HECM counselor to provide you with a listing for someone in West Linn.  The lender will discuss other requirements of the HECM program, such as first year payment limitations, available payment options, the loan approval process, and repayment terms.

West Linn Borrower Requirements

You must:

  • Be 62 years of age or older
  • Own the property outright or paid-down a considerable amount
  • Occupy the property as your principal residence
  • Not be delinquent on any federal debt
  • Have financial resources to continue to make timely payment of ongoing property charges such as property taxes, insurance and Homeowner Association fees, etc.
  • Participate in a consumer information session given by a HUD- approved HECM counselor

West Linn Property Requirements

The following eligible property types in West Linn must meet all FHA property standards and flood requirements:

  • Single family home or 2-4 unit home with one unit occupied by the borrower
  • HUD-approved condominium project
  • Manufactured home that meets FHA requirements

reverse mortgage loans West Linn ORFinancial Requirements For A Reverse Mortgage

  • Income, assets, monthly living expenses, and credit history will be verified.
  • Timely payment of real estate taxes, hazard and flood insurance premiums will be verified

For adjustable interest rate mortgages, you can select one of the following payment plans:

  • 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 selected.
  • Line of Credit – unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted.
  • Modified Tenure – combination of line of credit and scheduled monthly payments for as long as you remain in the home.
  • Modified Term – combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.

For fixed interest rate mortgages, you will receive the Single Disbursement Lump Sum payment plan.

Reverse Mortgage Amount Based On

The amount you may borrow will depend on:

  • Age of the youngest borrower or eligible non-borrowing spouse
  • Current interest rate; and
  • Lesser of:
    • appraised value;
    •  the HECM FHA mortgage limit of $679,650; or
    • the sales price (only applicable to HECM for Purchase)

If there is more than one borrower and no eligible non-borrowing spouse, the age of the youngest borrower is used to determine the amount you can borrow.

reverse mortgage West Linn

HECM Costs

You can pay for most of the costs of a HECM by financing them and having them paid from the proceeds of the loan. Financing the costs means that you do not have to pay for them out of your pocket. On the other hand, financing the costs reduces the net loan amount available to you.

The HECM loan in West Linn includes several fees and charges, which includes: 1) mortgage insurance premiums (initial and annual) 2) third party charges 3) origination fee 4) interest and 5) servicing fees. The lender will discuss which fees and charges are mandatory.

You will be charged an initial mortgage insurance premium (MIP) at closing.  The initial MIP will be 2%.  Over the life of the loan, you will be charged an annual MIP that equals 0.5% of the outstanding mortgage balance.

  1. Mortgage Insurance Premium
    You will incur a cost for FHA mortgage insurance.  The mortgage insurance guarantees that you will receive expected loan advances. You can finance the mortgage insurance premium (MIP) as part of your loan.
  2. Third Party Charges
    Closing costs from third parties can include an appraisal, title search and insurance, surveys, inspections, recording fees, mortgage taxes, credit checks and other fees.
  3. Origination Fee
    You will pay an origination fee to compensate the lender for processing your HECM loan. A lender can charge the greater of $2,500 or 2% of the first $200,000 of your home’s value plus 1% of the amount over $200,000. HECM origination fees are capped at $6,000.
  4. Servicing Fee
    Lenders or their agents in West Linn provide servicing throughout the life of the HECM. Servicing includes sending you account statements, disbursing loan proceeds and making certain that you keep up with loan requirements such as paying real estate taxes and hazard insurance premium. Lenders may charge a monthly servicing fee of no more than $30 if the loan has an annually adjusting interest rate or has a fixed interest rate. The lender may charge a monthly servicing fee of no more than $35 if the interest rate adjusts monthly. At loan closing, the lender sets aside the servicing fee and deducts the fee from your available funds. Each month the monthly servicing fee is added to your loan balance. Lenders may also choose to include the servicing fee in the mortgage interest rate.
Resources For Getting A Reverse Mortgage Locally in West Linn OR
Reverse Mortgage Lenders in West Linn

Business Results 1 - 10 of 783

Green Mortgage Northwest
96 Reviews
Mortgage Brokers
Phone:
650 Holladay St, Ste 1600, Portland, OR 97232

Pacific Residential Mortgage
48 Reviews
Mortgage Brokers
Phone:
4949 Meadows Road, Ste 150, Lake Oswego, OR 97035

Jessica Fritts
32 Reviews
Mortgage Brokers
Phone:
825 NE Multnomah St, Ste 950, Guild Mortgage, Portland, OR 97232

Gary Boyer
51 Reviews
Mortgage Brokers, Real Estate Services
Phone:
3636 NE Broadway St, Portland, OR 97232

Andy W Harris - Vantage Mortgage Group
23 Reviews
Mortgage Brokers
Phone:
16325 SW Boones Ferry Rd, Ste 100, Lake Oswego, OR 97035

Andrea Clark - PrimeLending
6 Reviews
Mortgage Brokers
Phone:
4380 SW Macadam Ave, Ste 260, Portland, OR 97239

Directors Mortgage
24 Reviews
Mortgage Brokers, Real Estate Services
Phone:
4550 SW Kruse Way, Lake Oswego, OR 97035

Options Financial Residential Mortgage
12 Reviews
Mortgage Brokers, Real Estate Services
Phone:
8625 SW Cascade Ave, Ste 270, Beaverton, OR 97008

James Adair - PDX Home Loan
64 Reviews
Mortgage Brokers, Real Estate Services
Phone:
4640 SW Macadam Ave, Ste 90, Portland, OR 97232

Chris Hill - NW Capital Mortgage
27 Reviews
Mortgage Brokers
Phone:
1905 SE 192nd Ave, Ste 203A, Camas, WA 98607

Real Estate For Sale in West Linn
More Information About West Linn

West Linn, Oregon

West Linn is a city in Clackamas County, Oregon, United States. Now a southern suburb within the Portland metropolitan area, West Linn has a history of early development, prompted by the opportunity to harvest energy from nearby Willamette Falls. It was named after U.S. Senator Lewis F. Linn of Ste. Genevieve, Missouri, who had advocated the American occupation of Oregon as a counterclaim to the British. As of the 2010 census, the city had a population of 25,109.

Major Robert Moore was an early settler arriving in 1839—before the Champoeg Meetings—having been the senior member of the first attempt to create an American state in Oregon, the Peoria Party.[7] Sometime after journeying around the Willamette Valley and Columbia Basin, Moore bought title to approx. 1,000 acres (400 ha) on the west side of Willamette Falls, across the Willamette River from Oregon City, from a local Native American chief,[vague] on which he platted a town he called "Robin's Nest" in early 1843.[citation needed] He also filed a provisional claim with the then government of the Oregon Country, not knowing if his transaction would be honored by the eventual governing laws. The Oregon Territorial Legislature voted to rename it Linn City on December 22, 1845 as a memorial to Senator Lewis F. Linn after whom Linn County is also named. Linn was a neighbor and family friend of the Moores from their time as settlers in the early Missouri Territory.[citation needed]

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