Portland Oregon Reverse Mortgage Question:
My question today comes from Mr. Yanes who is a 65 year old living in Portland Oregon. His daughter told him that he might be able to use a Reverse Mortgage on his primary residence to purchase a Condo in Arizona so that he can get out of the cold and spend the winters with her and his grandchildren. Mr. Yanes wants to know "what is the catch?"
Mr Yanes' daughter is correct, he can pull equity out of his primary residence and use the money for whatever he chooses. At 65 years young depending on which pricing option he chooses at the interest rates on December 1, 2011 he can get anywhere from $177,621 to $212,906 out of the equity he still has in his home that has a current market value of $350,000. He can choose from fixed interest, adjustable interest, we even have a "HECM SAVER" program that has less costs involved and will help him retain some equity in the home. One of our programs has no origination and mortgage insurance premium that can save him substantially. The costs associated are financed in the loan and range anywhere from $3,000 to $!5,000 again depending on the option that meets his needs. I have posted information from my website or you can call me direct so that I can give you all of the details. (The catch or downside of Reverse Mortgage is that you are using equity out of your home) Please let me educate you on your options.
I am happy to say that Mr. Yanes can enjoy that second home that he thought the negative economy had taken away from him.
- Mr. Yanes primary residence in Portland Oregon has a current market value of $350,000
- He is 65 years old
- With the programs in effect December 1, 2011 he can pull out $177,000 to nearly $213,000 to purchase that second home depending on the program he chooses.
- No FICO requirement
- Monthly income does not matter as long as he has enough income to support property tax, insurance and repairs on both homes.
Here is to you Mr. Yanes and your savvy daughter!!! 
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