Portland Oregon Reverse Mortgage Question

Portland Oregon Reverse Mortgage Question:


My question today comes from Mr. Yanes who is a 65 year old living in Portland Oregon.  His daughter told him that he might be able to use a Reverse Mortgage on his primary residence to purchase a Condo in Arizona so that he can get out of the cold and spend the winters with her and his grandchildren.  Mr. Yanes wants to know "what is the catch?"

                                                                                  Portland Oregon

Mr Yanes' daughter is correct, he can pull equity out of his primary residence and use the money for whatever he chooses.  At 65 years young depending on which pricing option he chooses at the interest rates on December 1, 2011 he can get anywhere from $177,621 to $212,906 out of the equity he still has in his home that has a current market value of $350,000.  He can choose from fixed interest, adjustable interest, we even have a "HECM SAVER" program that has less costs involved and will help him retain some equity in the home.  One of our programs has no origination and mortgage insurance premium that can save him substantially.  The costs associated are financed in the loan and range anywhere from $3,000 to $!5,000 again depending on the option that meets his needs.  I have posted information from my website or you can call me direct so that I can give you all of the details. (The catch or downside of Reverse Mortgage is that you are using equity out of your home) Please let me educate you on your options.


I am happy to say that Mr. Yanes can enjoy that second home that he thought the negative economy had taken away from him.


  • Mr. Yanes primary residence in Portland Oregon has a current market value of $350,000
  • He is 65 years old
  • With the programs in effect December 1, 2011 he can pull out $177,000 to nearly $213,000 to purchase that second home depending on the program he chooses.
  • No FICO requirement
  • Monthly income does not matter as long as he has enough income to support property tax, insurance and repairs on both homes.


Here is to you Mr. Yanes and your savvy daughter!!!                   Father and Daughter

Bend, Oregon:  CE Credits for Realtors delivered in Oregon on the topic of Reverse Mortgage

Oregon Reverse Mortgage Lender

Sharon Falvey, Vice President Northwest Sales has been effectively delivering Continuing Education Credits to Realtors accross the State of Oregon and most recently in Bend, Oregon.  This class has been very well received by Realtors that thought they understood the truth about Reverse Mortgage until they took the class.


Sharon Falvey and Security One Lending were recently quoted in "Reverse Mortgage Daily" and "Reverse Fortunes" as well as other's.  It brings me great joy to  be able to dispel the myths about Reverse Mortgage and show Realtors how they can position themselves to use it correctly and increase their sales.  We all need to make our way in these interesting times and you can never have to many tools in your belt to do so.


Dan Heater: Continuing Education Director in Bend Oregon for COAR is quoted as saying: 

"Thank you Sharon so much for the great class on Reverse Mortgages you did at COAR last week.  The class was very good.  It is amazing that we all still have these pre-conceived ideas about what a reverse mortgage is and how it can fit into our lives as we age.  All of our brokers we very impressed with the class and had all changed their minds as to the value and use of reverse mortgages both personally, and as a tool to help their customers.


The class was concise, easy to understand and gave all who attended something else to include in their presentations for their clients.  I would recommend this class for anyone to take.  Anyone approaching this age, with parents close to this age, or a real estate practitioner with clients of this age would gain valuable information as to how to own real estate as you approach your senior years.


Thanks again.




Dan Heater

Communication Coordinator"


And Desiree Streeter, Broker in Bend Oregon as saying:


"Hi Sharon,


I want to thank you so much for drawing my card for the nice briefcase. That really brightened my day! I have had some really rough times lately with caring for my mother who has been ill for the past 2 years and then my husband being in the hospital since Feb 2 and getting out tomorrow. With that and work I have definitely had a full plate!


I really enjoyed the class today. I went into it knowing nothing at all about Reverse Mortgages. It was very interesting and I gained a lot of knowledge which I will use. I will highly recommend this class to others I know when I see it posted again. I look forward to your updates!


Thanks Again!



Desiree' Streeter

Real Estate Broker



If you would like more informaiton as to how I can bring this to your Association or Office please do not hesitate to contact me.  For more general information please visit my website or call me direct at 541-891-5706 (cell)  503-534-3546 (office).  I look forward to serving your needs.


Sharon Falvey

NMLS# 582985

Vice President, Northwest Sales

Home Equity Specialist



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My blog is a personal expression of my own thoughts, and opinions and does not necessarily reflect the thoughts and opinions of Security One Lending

Comment balloon 2 commentsSharon Falvey • December 01 2011 05:32PM


It is great to know that reverse mortgages are still helping folks somewhere.  We have seen a marked delcine in their availability here.

Posted by Jeff Jensen (The Federal Savings Bank/Lending in 50 states) over 8 years ago

Hi Jeff!  Thank you for your response.  I can assure you that they are available everywhere is the USA, the problem is that many loan officers don't know how to use them in today's market.  For instance if the loan officer is soliciting for business to older american's that are upside down or marginal on their mortgage it can be hard to help.  Unless the FHA appraisal comes in with a value high enough to reitre their debt, or unless the older american has money to put with it there isn't anything we can do to help.

There is another sector of Older Americlan's that have their homes paid for, or nearly so that can easily qualify.  They can use a portion of their equity to take advantage of the depressed housing market, set up an emergency line of credit, purchase rental property, buy a second home.  The key is getting the message to those that are in a position to take advantage. 

Reverse Mortgage used to be a loan of last resort, it is now an Estate Planning tool and so much more!  If you would like me to find an expert in your neighborhood I would be happty to.  Having someone that has had a number of years experience with the product is the key!

Hope you are having an awesome day!  I love my job!!

Posted by Anonymous over 8 years ago