What is a reverse mortgage?

A reverse mortgage is a home loan (used for any purpose) where seniors, 62 and older, can access the equity (cash) built up in their home.

There are several different reverse mortgage programs. Fannie Mae Home Keeper®, Jumbo Cash-Out loan, and the HUD-insured Home Equity Conversion Mortgage (HECM) are three such programs. As demand increases, more reverse mortgage programs from different organizations will become available.

It is called a reverse mortgage because you borrow money from a lender, but the lender makes monthly payments to you, rather than you making monthly payments to the lender. All interest is paid at the end of the loan, rather than in the beginning.

Reverse mortgages are a big part of our commitment to helping even more people meet challenges that make staying in their homes and living independently a dream come true.
Soaring health care costs are hitting seniors at a time when more employers are cutting back on retiree medical and pension benefits.  The health care costs are causing more seniors to turn to credit cards as a safety net.  Yet more seniors subsist on fixed incomes and have little means to boost their incomes. People are also living longer

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Stepping Stone Mortgage - 272 West 11th Ave. - Eugene, OR 97401
Office Phone: (541) 683-3300 Fax: (541) 683-8364

We lend in the following states: OR

                

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