Did you know?

A Reverse Mortgage Purchase Loan Could Help Your Client’s Money Go Further

Reverse Mortgage Home Purchase Loan 

Ask us for a side-by-side comparison, Reverse & Conventional home financing.

When we think of down-sizing, right-sizing or closing on the perfect retirement home, our priorities are different than when we were possibly raising a family, needing to live in the middle of the city, or needing space (lots of space).

It makes sense too that the mortgage structure you had then, may not be the most advantageous for you now.

Managing monthly cash-flow when the work income stops for Retirees & Pre-Retirees is top of mind now.

Having a required monthly principal & interest payment, versus the option to skip or NOT make a monthly payment, factors into your Buyer’s purchase price, location, amenities and qualifying for any loan.

Reverse Mortgage Purchase Loan Kim Dodge
HECM for Purchase Kim Dodge Reverse

In strolls the “Reverse for Home Purchase” loan advantages…

  1. Buyers may have MORE purchasing power with a reverse purchase loan.

  2. Qualifying can be easier, weighted towards equity in the property with less emphasis on debt-to-income ratio and credit scores.

  3. Then there is cash-flow as mentioned above… Borrowers are not required to make a monthly principal & interest payment during the term of the loan.

  4. Borrowers are required to pay taxes, insurance, HOA (if applicable) and maintain the home, just like other lending.

  5. If you are retiring soon, be sure to meet with a mortgage broker like us, BEFORE you resign from your job.  We tell you what the lending requirements are for the the loan type you want, and that can impact your timing.

“We've been really happy with the Reverse Mortgage and it has done exactly what we expected. Nothing better than never paying a mortgage again for the rest of our lives! If you have anyone who wants a testimonial about how well you took care of us, just let me know.”

~ Mike D, Portland, OR

Recognizing the Opportunity

  • FHA  Reverse (HECM) Age minimum is 62+

  • Non-FHA Condo & Jumbo Reverse Loans, Age minimum is 55 Oregon, 60 Washington

  • Clients are ready to Down-size, Right-size or even Up-size!

  • Goals are moving closer to family or ready for lower maintenance

  • MORE THAN READY to buy their “DREAM HOME” and don’t want to take on a required monthly mortgage payment!

  • Concerned about their fixed income and the monthly cash-flow strain of a mortgage payment

  • Want to preserve some proceeds from the sale of their current home for a cash reserve or other retirement needs and still buy the home that they want.

  • When writing your offer, list FHA as the Loan Type. Sellers can contribute to Buyer’s closing costs per FHA new rules in 2024.  Underwriting times similar to conventional. A loan type all buyers age 62 & older should look at.

  • Condominiums using FHA HECM Reverse, best for home values up to ~$1.3 million.

    May qualify for FHA SINGLE USE APPROVAL (SUA) or the complex must be FHA approved.

    JUMBO Reverse Purchase Loans do not require FHA SUA or complex approval. Minimum purchase values apply, generally $500K +, however there can be exceptions, just ask!

     

  • Deb & Dane’s Story

    Deb & Dane needed a home in retirement that fit their lifestyle; one-story, garden space and a chicken run. An FHA Reverse Purchase loan provided protection from volatility in the financial markets.  If their IRA balances took a beating & inflation was slow to moderate, not having to make a monthly mortgage payment made all the difference.

    Dane and Deb were ready for that dream home in retirement; a place for entertaining friends and family.

    Dane and Deb were ready for that dream home in retirement; a place for entertaining friends and family, space for a large garden, a potting shed and not to mention a stylish chicken coop.  Also important, one level living, accessibility to accommodate physical changes that aging brings.

    Do you stay in your current home, or buy a new one that fulfills the dream ‘RETIREMENT ENVIRONMENT’ you have been working so hard for?

    Financing Choices:

    Kim Dodge, their loan officer, put together loan options that included a conventional purchase loan with a required monthly principal & interest payment, and a Reverse Purchase loan, with NO required monthly principal & interest payment! When their awesome realtors found this forever home, the choice was clear! They chose to finance their new home with a Reverse Purchase Loan, buying in the price range and location they wanted plus, no monthly principal and interest payments. Congratulations to Nan and Deb!

    “We needed to sell a house and buy a house at the same time and we had the most remarkable team to help us with that, including our lender, Kim Dodge.  And we would recommend her anytime.”    - Deb S.

    Financial Solution:

    A Reverse Mortgage Purchase Loan is for buyers age 62+ for FHA Reverse Mortgage (55+ with some lender options).   And, it may help your money go farther, by giving you more buying power.  Better yet, no monthly principal and interest payments are required as long as you live in the home as your primary residence and adhere to the terms of your loan.  Borrowers must pay their taxes and insurance and maintain the home, and other requirements apply. The strategic use of a reverse mortgage in retirement helps with cashflow and may help your retirement assets last longer. Check out Reverse Purchase Options here

    What to do next:

    Give Kim a call.  She can walk you through all the options to see if a Reverse Purchase Loan is the right way to get you, your clients or family members age 62+ (or 55+) into a new home without the burden of a monthly principal & interest payment.

    “We have an awesome team and we appreciate each of you!“  - Dane M.

    Take a page from Dane and Deb’s playbook and connect with us.   Call 503-595-1600.

One set of documentation.
All financing options side by side. When you find the right home, we have the right loan. Our Buyers are ready to act!

Competition is steep, buyers need a depth and breadth of financing pre-approvals. Kim is uniquely qualified, providing simultaneous purchase pre-approvals for Reverse & Conventional loans.

Help your Clients Age 55+ Gain a Competitive Advantage

*Reverse mortgage Borrowers are required to pay their taxes, insurance, HOA if applicable, maintain the home & live in it as their primary residence

  • "Kim really knows reverse mortgages inside and out"

    Kim is such a pleasure to work with! We are both part of a Senior Resource Alliance group, and Kim's passion and dedication for her industry shows every time she presents in front of our group. She really knows reverse mortgages inside and out, and is also extremely knowledgeable about all of the different options that are out there. It is nice to know that she and the team take the time with their clients to discuss all of the potential options that would benefit them!

    — Breanne Smith, Nerd Nest Media

  • "Kim and Cheryl educated us about options"

    Kim is good about explaining complex financial options in every day language. She was able to help one of my clients get a reverse mortgage so his Mom could get the care she needed in an adult care home and his Dad could make some renovations to his house, so he could stay home safely.

    Before jumping to a reverse mortgage, she offered options to ensure reverse mortgage was the best way to finance their needs. Her team is very knowledgeable, very responsive and compassionate.

    - Liz M.F, Senior Housing Provider

  • "Kim thoroughly explained everything like no lender I’ve ever seen"

    Thank you so much for taking such wonderful care of our terrific clients! Karen and I were both very impressed by Kim. She gently and thoroughly explained everything like no lender I’ve ever seen do at a signing — even highlighting things on the docs for the buyer(s) to be aware of.

    Kim remained calm as we all were working so hard to smooth the bumps and adjust things on this same day close for their property sale and new purchase. It was truly amazing.

    I’d love to come to your training and will give a good plug for you and the Reverse Mortgage Purchase product!

    - Traci G, Real Estate Broker

  • "I know how rare this kind of genuine caring really is"

    I was recently working as a senior advocate for an 89-year-old gentleman that had been taken advantage of by his family. Kim invested a great deal of time and creativity to figure out how we could get him a reverse mortgage. In the end, he didn’t have enough equity but that didn’t stop Kim from looking for more options. As a Realtor, I know how rare this kind of genuine caring really is.

    - Jolynne A, Real Estate Broker

  • "We could not be happier"

    When we finally decided to refinance, Kim and Cheryl helped us with every stage of the process. They made made it as pleasant as possible. We felt that we had very little to stress about. We were confident that they would take care of our interests, and we could not be happier with the work that they did for us. We believe that their clients get not only great value but a very caring and personable team.

    - Flores & Toal, Washington

  • "You are in the best of hands when working with Kim and her team"

    I’ve been in this business a long time and working with Kim has been an amazing experience. Her professionalism and care for her clients and Realtors is exemplary. Kim is more than happy to share her resources and is a wealth of knowledge in this valuable retirement planning tool.

    Kim takes the time to educate other real estate professionals how a reverse mortgage is a very often a smoother transaction than a forward mortgage. Kim works very hard to get her clients the best possible terms to increase their income streams in their retirement years.

    Her relationship extends well beyond the closing of the loan and she makes herself available to clients and Realtors in ways that go above and beyond what I have seen others do in this industry. You are in the best of hands when working with Kim and her team.

    - Kristi F, California