10 Myths About Reverse Mortgages
Posted On: December 29th, 2009 by James Posted In: Mortgage Programs
Myth 1. – The bank takes the house OR the borrower can lose the house.
With a reverse mortgage, the borrower retains title to the home throughout the life of the reverse mortgage. The borrower cannot, as a result of the reverse mortgage be forced out of his or her home, as long as property charges, such as taxes and insurance, are paid and the home is maintained in reasonable living condition.
Once the last borrower permanently moves out of the home, the loan must be repaid. Most properties secured by reverse mortgages still have equity when a maturity event occurs and therefore the borrower or his/her heirs choose to sell the home to repay the loan and preserve this equity for the benefit of the borrower or his/her estate.
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Keep Portland WARM
Posted On: December 10th, 2009 by James Posted In: Local Interest
I’ve recently had the opportunity to sponsor a grassroots effort to mobilize unused (meaning currently not-in-use) sweaters, hats, scarves, gloves, blankets, anything warm etc. here in the Portland metro area. My friend and client Scott Davis has started an “emergency sweater drive” inspired by the brutal and bitter chill that has taken us all by surprise.
I am making our HQ office of Mortgage Trust into a “drop point” for all of my clients and friends. There are other places to donate and other ways to get involved. I invite you to engage with us in this effort, our goal is to collect 500 items before Christmas Eve. If you are out of the area, you can feel free to mail a clothing donation to us here at Mortgage Trust. Please just send it c/o James Adair and I’ll make sure it gets to the right place. If you are in the area, please swing by our offices and bring what you can.
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