Klamath Falls Oregon: Reverse Mortgage and foreclosure

Klamath Falls Oregon: Reverse Mortgage and foreclosure:


There are three kinds of people when it comes to understanding the truth about Reverse Mortgage:

  • Those that know the truth about Reverse Mortgage
  • Those that don't know anything about Reverse Mortgage
  • And the most dangerous are those that THINK they know about Reverse Mortgage

I will be the first to say that a Reverse Mortgage (or HECM) is not right for everyone you owe it to yourself and your clients if you are a trusted advisor to make sure that you belong to the first group.  Starting in 2011 10,000 Baby Boomers are turning 62 everyday, if you are a trusted advisor chances are your client base in the 62+ demographic is rapidly growing. In a survey conducted in 2006 93% of Reverse Mortgage clients are satisfied!

One of the myths that I address regularly is:  "If I get a Reverse Mortgage the bank will own my home and I will loose it to foreclosure". 

Both are just that: a myth!  The client does not give up title to the property the same as with a conventional loan so the "bank" doesn't own it.  To address the second half of the question let me ask you one: There is not a montly principle and interest payment so how can the home end up in foreclosure???

Reverse Mortgage Question

It is true that some properties with a Reverse Mortgage end up in foreclosure so let's now learn how they got there.  Would you have to pay property tax if you didn't have a loan on your property?  Of course you would, so what would happen if you didn't pay your property tax?  You would be in tax default and risk loosing your home right?  It is the same with a Reverse Mortgage..NO DIFFERENCE!  You are also required to keep the home insured and take reasonable care of the property but why wouldn't you want to do that?  There are approximately 46,000 (as of July 2011) homeowners NATIONWIDE that are in foreclosure that have a Reverse mortgage

How many properties are in foreclosure that have a traditional loan? 

Their property is not in foreclosure because of the Reverse mortgage, but because the homeowner did not pay their property tax.  This same property would likely be in foreclosure with out a Reverse mortgage because we all have to pay our property tax!  Take the time to educate yourself for your clients sake about the TRUTH: it would be an injustice if you inadvertantly gave someone who trusts you false information about the program and they were unable to find the relief that they may need in the current economy.  So how can you learn?  Find someone that has been exclusively in the Reverse Mortgage space for 5 years or more and spend 30-45 minutes with them.  Chances are that it will really open your eyes and you will find out why I have stayed in this business for so many years.  Unlocking options that can help our Older American's is a mission that pays off in ways that a pay check can not compete with.


If you would like to learn more, please visit my website.  I prefer to do business face to face so if you are accross the nation I would be happy to find someone for you that can serve your clients in the same manner.

Happy Face

Tomorrow I will discus the cost of getting a Reverse Mortgage.




If anyone has a resource to share that has helped an Older American please share it with me! 


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 3 commentsSharon Falvey • December 13 2011 04:19PM


Great blog article Sharon.  I may just have to re-blog it!  

Posted by Deborah Nance, Southern California , Reverse Mortgage Specialist (Orange County, Corona, Riverside, Los Angeles) about 9 years ago

Klamath falls one of our favorite hang outs.... Only have one Margarita.

Posted by David Popoff, RealtorĀ®,SRS, Green ~ Fairfield County, Ct (DMK Real Estate ) about 9 years ago

Thanks Deb!  Coming from you that is a huge compliment.

David:  I have to ask....where is the best place for Margarita's?

Posted by Sharon Falvey, Oregon Reverse Mortgage Specialist and Home Equity Expert (Security One Lending) about 9 years ago