Cashflow, Dreams & the Duplex
Can you get a reverse mortgage on a duplex? What if your home is in a Trust? Brian and Pam had these exact questions, and they needed a local expert to provide real answers.
The Story: Right-Sizing for the Future
Brian and Pam recently made a smart move for their future. They sold their multi-level Cape Cod home and moved into one of their rental units—a one-level duplex. The lack of stairs was perfect for their needs, but the move came with a few financial questions.
By moving into the duplex, they lost the rental income that unit used to provide. Additionally, while they had a nice nest egg, their current mortgage payments were eating into their "dream budget." They wanted to travel more without jeopardizing their future income, and Brian wanted to ensure that if Pam outlived him, she would have every resource she needed to stay in her home.
The Financial Challenge: Seeking a Second Opinion
Brian wasn't sure a duplex held in a Trust could qualify for a reverse mortgage. He had spoken with a large national lender, but he didn't feel like he was getting the full picture. He wanted to compare multiple scenarios and work with someone who could provide Confidence in Refinancing Options.
That’s when he reached out to Kim Dodge and Cheryl Teigen. The Solution: Scenarios That Make Sense Kim and Cheryl took the time to walk Brian and Pam through several different "what-if" scenarios. They provided detailed examples showing how their equity and Line of Credit would change over time depending on their choices.
By using a Home Equity Conversion Mortgage (HECM), Brian and Pam were able to:
Eliminate Monthly Payments: Cash flow improved immediately because they were no longer required to make monthly principal and interest payments.
Keep Their Trust: They confirmed that their Trust could remain in place while accessing their home equity.
Protect Their Future: They now have a clear plan for how the Line of Credit can act as an income source later in life if needed.
Today, Brian and Pam are enjoying their vacation home in Central Oregon and traveling with much greater confidence. They know their assets are positioned to last as long as they do.
What to Do Next
If you have an "outside the box" challenge—whether it’s a unique property type, a Trust, or complex retirement goals—Kim Dodge and Cheryl Teigen are here to help. Because we work with all the major lenders, we can offer a variety of options that big banks often can't. Let’s start a conversation to make sure you are "Retirement Ready."
Contact Kim Dodge and Cheryl Teigen:
Telephone or Text: (503) 595-1600
Email: Hello@KimDodgeReverse.com
Licensed in Oregon & Washington, Kim Dodge, Branch Manager | NMLS 186099 | Cheryl Teigen, Loan Officer | NMLS 2089085 | Kim Dodge Reverse Mortgage, a dba of Zyng Mortgage, Inc. | NMLS 76801 | Equal Housing Opportunity | ConsumerAccess.org