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Matthew Allen

Sr. Reverse Mortgage Banker
NMLS #254296
25 Reputation Points
 

Reverse Mortgage Professional

Title
Sr. Reverse Mortgage Banker
Company
Pacific Residential Mortgage LLC
Address
1555 E McAndrews Rd Suite 301
Medford, OR, 97504
Experience
17 Years
Phone
(541) 773-3131
 

About Matthew Allen

I love educating people about the possibilities and opportunities a reverse mortgage brings to a borrower. When used properly, a reverse mortgage is a powerful financial tool that can change the financial outlook of borrower significantly. I am happy to help in any way I can and answer your questions about reverse mortgages. I specialize in reverse mortgages in Oregon, it is all I do. If you are considering purchasing or refinancing a home with a reverse mortgage I am the guy you want to call. I have the experience and expertise you are looking for when it comes to getting help and advice for a reverse mortgage. I look forward to hearing from you soon and helping in any way I can. Make sure to visit my website for some really good information about reverse mortgages and don't forget to like my Facebook page. What Is A Reverse Mortgage? A reverse mortgage, also known as a home equity conversion mortgage (HECM), allows home owners 62 and older a way to access the equity in their home without the borrower needing to make payments on the loan. They can be used to purchase or refinance a home in Oregon. With a reverse mortgage, the principal owed increases every month since you are not making payments. The payments, interest and mortgage insurance, are simply added to the loan balance every month. The equity in your home decreases as payments accrue. You are still responsible for paying taxes and insurance, as well as the upkeep on your home. The amounts you can borrow are based upon your age, interest rates and reverse mortgage option you choose. There are several options to choose from when you gain access to your home's equity. You can get a lump sum, home equity line of credit, monthly payments as tenure (for however long you live in the home) or for a fixed amount of time. You can also get a combination of those things. Even though there are no payments during the loan, the payments and initial loan balance will need to be paid back when any of the following occurs: You do not live in the home for a period of 12 months due to illness and there is not a spouse to take care of the house. You pass away and there is no spouse to maintain the property. The property is no longer your primary residence. The home is sold. The home is refinanced. Not following terms of the contract, mainly continuing to pay taxes, insurance, HOA fees and maintaining the upkeep of the house. Benefits Of A Reverse Mortgage in Oregon There are a variety of benefits to getting a reverse mortgage. All of these benefits boil down to one thing. No mortgage payments. The reverse mortgage allows you to tap the equity in your home and use that equity in any way you see fit. It could be to pay off your current mortgage, pay off debts, pay for medical care, improve your home or increase your monthly income. For many people considering a reverse mortgage in Oregon, they have no debts and for the most part do not need a reverse mortgage for financial reasons. The reason they get a reverse mortgage is so that they have a line of credit available to them "just in case". It is a safety net for many seniors that creates a greater sense of financial security. However, you do not need to own your home free and clear. You can still get a reverse mortgage in Willamina OR even if you have a mortgage balance. The mortgage will be required to be paid off as will any other liens against the property. Why Call Me For Help? Reverse mortgages are all I do. It is a complex product that requires specialized knowledge. I work with people all over Oregon including Portland, Eugene, Salem, Roseburg, Albany, Corvallis, Bend, Medford, Ashland, Grants Pass. Credit on Approval, Terms Subject to Change Without Notice, Not a Commitment to Lend. NMLS-1477/WA CL-1477 nmlsconsumeraccess.org This website and content was not approved by nor endorsed by HUD or FHA.
 

States Licensed

Oregon
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