One of the most common concerns we hear about reverse mortgages is the fear of foreclosure. Many people believe that if they take out a reverse mortgage, “the bank” could take their home at any time. This misconception has been around for years, and it’s simply not true. The reality is that reverse mortgages carry the…
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Freestone Mortgage LLC
704 Main St, Suite 200
Oregon City, OR 97045
Number:
503-339-2343
888-256-4654
NMLS #2613454
Equal Opportunity Mortgage Broker.
Credit on approval. Terms subject to change without notice. Contents not provided by, or approved by FHA, HUD or any other government agency. All potential tax benefits should be verified with a professional licensed tax advisor. For informational purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice.
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 re-payment.