Mortgage Video & Blogging Community

Reverse Mortgages cost too much! Or at least that is the impression people have. We, at Oregon Reverse Mortgage Info, are doing something about that. We are no longer charging an origination fee for our Oregon Reverse Mortgages and instead will rely on the rebate paid by the lender as our source of income on the loans.

Lower Cost = More Money in Your Pocket

What does this mean to the Senior Citizen when looking his their reverse loan? 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 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 top $5,000 in the clients 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.

Contact Us

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?