Reverse Mortgage Loans

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Reverse mortgage loan terms include occupying the home as your primary residence, maintaining the home, and paying your property taxes, and your homeowner's insurance each year. 

Reverse mortgage loans 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.

Although these costs may be substantial, Stepping Stone Mortgage or the Reverse Mortgage Lender does not establish an escrow account for these payments. However, a set-aside account can be set up for taxes and insurance, and in some cases may be required. Not all interest on a reverse mortgage loan is tax-deductible and to the extent that it is, such deduction is not available until the loan is partially or fully repaid.

Stepping Stone Mortgage or the Reverse Mortgage Lender charges an origination fee, mortgage insurance premium (where required by HUD), closing costs, and servicing fees, rolled into the balance of the loan. Stepping Stone Mortgage or the Reverse Mortgage Lender charges interest on the balance, which grows over time. When the last borrower or eligible non-borrowing spouse dies, sells the home, permanently moves out, or fails to comply with the loan terms, the loan becomes due and payable (and the property may become subject to foreclosure). When this happens, some or all of the equity in the property no longer belongs to the borrowers, who may need to sell the home or otherwise repay the loan balance.

What is a Reverse Mortgage Loan?

How can you benefit from a Reverse Mortgage Loan?

Q and A about a Reverse Mortgage Loan?

How Does the Process Work? 

For more information or to ask questions in regard to a Reverse Mortgage, please call us at 541-683-3300.  

Stepping Stone Mortgage, Inc. is a qualified mortgage lender with all loan officers and processing staff trained to handle your questions. Our dedicated staff will help you through the loan process in a very efficient manner for you to purchase or refinance your home.