A Reverse Mortgage is a unique loan that allows you to convert a portion of the equity in your home into cash, with no repayment required as long as you live there. Unlike the monthly payments of a traditional “forward” mortgage, the cost of borrowing the money is simply added to your loan balance. You remain in title and in control. 

The amount of money available to you is determined by a formula that considers your age, your home’s value, and current interest rates. The money received is tax-free and does not affect Social Security or Medicare benefits.

There are several disbursement options , and you can revise your plan as your needs change. The loan becomes due when you move, sell, or pass away. At that time, you or your heirs can sell or refinance or use other assets to pay off the loan balance, and any remaining equity remains with you or your heirs. 

Qualifications:

• Homeowners must be at least 62 years old.
• The property must be your primary residence.
• Generally, your home must be a single-family residence, a 2-4-unit building, or an approved condominium.
• Manufactured homes may qualify if they are built after 1976, have an FHA-approved foundation, and are treated and taxed as real estate.
• There are no income or credit requirements.
• The amount you receive depends on your age, the type of reverse mortgage, the value of your home, and interest rates.

We offer the most popular reverse mortgage programs that are currently available. We can objectively help you analyze your situation and decide on the program that best meets your needs:

• FHA Home Equity Conversion Mortgage (HECM) – available with monthly or annually adjustable or fixed interest rate options. This government-backed program is by far the most popular option.
• Financial Freedom Cash Account Advantage Plan – Subject to availability, an attractive product for high-value homes (approximately $1,000,000 and higher).

There are no restrictions on how you can use reverse mortgage funds – it’s as flexible and individual as you are. It is your money and you choose how to use it. A reverse mortgage can dramatically change the quality of life for many senior homeowners. Common reasons for obtaining a reverse mortgage include:

• Increasing monthly income
• Remodeling or making repairs
• Paying off an existing mortgage
• Paying off credit card balances
• Meeting property tax obligations
• Traveling
• Purchasing a car or motor home
• Paying for help around the house
• Funding health care and prescription drugs
• Purchasing long-term care insurance
• Providing college tuition for you, your children, or grandchildren

You can receive your cash in ways that best suit your needs. Choose among several disbursement options:

• Lump sum – for making a major purchase or paying off an existing mortgage.
• Line of credit – for cash only as you need it.
• Monthly income for life (tenure) – an option you cannot outlive.
• Term – a set monthly income for a set period of time.
• Combination – from the options above, design a plan that’s just right for you.
• Changes – if your situation changes, you can change your disbursement option.

We are committed to providing personal, exceptional service. We promise to make the process of obtaining a reverse mortgage as pleasant an experience as possible.

• We will spend as much time as needed to walk you through all your alternatives and make you comfortable with your decision.
• We will make every effort to return your phone call o email on the same day it is received.
• One person will handle your entire transaction from application to closing.
• Though FHA sets the interest rates, closing costs may vary slightly from lender to lender. We will look at competitive quotes and do our best to match them. We do not charge an application fee. In most cases, all costs can be financed, and that means no upfront cash is required to process your loan.
• Our reverse mortgage specialists have closed hundreds of these loans over the last several years.

We have two reverse mortgage loan specialists to serve you: Jerry Dawson in Washington and Doug Micciche in Oregon. They can meet with you at your home or at any of our Frontier Bank locations. They will thoroughly explain the features, benefits, disbursement options, and costs of the various plans available. Your family, friends, or financial advisors are always welcome to join in this meeting. It is a good idea to seek the advice of those you trust the most.

Jerry or Doug will handle all the paperwork and see the process through from application to closing. You can relax, and let Frontier Bank take care of the rest!

For information about reverse mortgages on properties located in Washington, contact:

For information about reverse mortgages on properties located in Oregon, contact: