PORTLAND, Ore. (KOIN) — Many people have uncertainties surrounding their finances as we head into the new year, and some older Americans are getting more and more worried as they near retirement.
Jeff Foody, president and owner of Northwest Reverse Mortgage, joined AM Extra to talk about how a reverse mortgage could help some retirees. NMLS 253303
Northwest Reverse Mortgage, LLC. ML- 5797/ CL-1834787. Equal Opportunity Mortgage Broker licensed in Oregon, Washington, and Idaho. Credit on approval. Terms subject to change without notice. Not a commitment to lend. Contents not provided by, or approved by FHA, HUD or any other government agency. All potential tax benefits should be verified with a professionally licensed tax advisor. http://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1834787
At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds; charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees; the loan balance grows over time and interest is charged on the outstanding balance; the borrower remains responsible for property taxes, hazard insurance, and home maintenance, and failure to pay these amounts may result in the loss of the home; interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full repayment.
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