Do Good Mortgage helps older homeowners and their families in Oregon and Washington understand whether a reverse mortgage fits their retirement plans, with honest answers about both the benefits and the costs.
How a Reverse Mortgage Works
Instead of you paying the lender each month, the loan balance grows over time as interest and fees accrue. You keep title to your home. The loan generally becomes due when the last borrower moves out, sells the home, or passes away. You remain responsible for property taxes, homeowners insurance, and home maintenance.
- Ways to receive funds: lump sum, monthly payments, a line of credit, or a combination.
- Pay off an existing mortgage to eliminate a required monthly payment.
- HECM for Purchase: buy a new home using a reverse mortgage, which can help when downsizing.
Important Considerations
Reverse mortgages are not right for everyone. Upfront costs can be significant, and because the balance grows, less equity may remain for heirs. Federal rules require HECM borrowers to complete counseling with a HUD-approved counselor before applying, which is an important consumer protection. We encourage you to involve family members or a financial advisor in the conversation.
Who Might Benefit
Homeowners who plan to stay in their home long-term, want to reduce monthly expenses, or need a financial cushion in retirement may benefit. We will walk through your numbers and compare alternatives, such as a cash-out refinance or a home equity line of credit.
How Working With Do Good Mortgage Works
Do Good Mortgage is a mortgage broker based in NE Portland. Instead of offering a single bank's products, a broker can compare loan options from multiple wholesale lenders and help you choose the one that fits. You work with one point of contact from your first question through closing.
- Strategy call. We talk through your goals, timeline, income, and savings. No pressure, and no application required to ask questions.
- Review and pre-approval. With your permission we review credit, income and assets, then explain your options in plain language, including estimated payment and cash to close.
- Compare options. We shop lenders and loan programs and show you the trade-offs between rate, points, and lender credits.
- Underwriting to closing. We gather documents, coordinate with your agent, escrow and the lender, and keep you updated so there are no surprises.
After your loan closes, Do Good Mortgage makes a donation to a local nonprofit, part of our belief in mixing good business with good deeds.
Frequently Asked Questions
How old do I need to be?
For a HECM, the youngest borrower must be at least 62.
Will I lose my home?
You keep title. You must live in the home as your primary residence and keep up with property taxes, insurance and maintenance. Not meeting these obligations can cause the loan to become due.
What happens to my heirs?
When the loan becomes due, heirs can repay it (often by selling the home or refinancing) and keep any remaining equity. HECMs are non-recourse, so the amount owed generally cannot exceed the home's value when sold.
Is counseling required?
Yes. HECM borrowers must complete counseling with a HUD-approved counselor before applying.
Talk With Clint About Your Loan
Every situation is different, and the right loan depends on your income, credit, savings and goals. Call or text 503-505-9913, or book a free strategy call. Ready to start? Begin your application online.
Do Good Mortgage
5980 NE 37th Ave, Portland, OR 97211
Meetings by appointment · 503-505-9913
Clint Elliott, NMLS #239388 · Licensed in OR and WA