I'm a Family Mana Go Kartera Branch Manageran RV'er
I have been in the mortgage industry for almost two decades. My specialty is Reverse Mortgages, but I can assist you with any of your mortgage needs whether it’s a traditional forward mortgage, new construction or a refinance. You can expect honest communication, commitment to my clients and referral partners through the entire mortgage process and a “can do” positive attitude from my team and I. After graduating from Portland State University with my degree in Economics, I married Robin my high school sweetheart. We have been married for over 33 years and have two wonderful adult children. Robin and I have also been host parents to 8 Rotary youth exchange students from all around the world. When I am not working on mortgages, you can find me at the Go-Kart track, spending time with my family or Robin and I out exploring in our motorhome.
Shannon Horn – Reverse Mortgage Expert
Home Equity Conversion Mortgages
For Whatever Is Important To You.
Access a portion of your home’s equity tax-free and stop making principal & interest payments.
Reverse Mortgage Programs
Getting Through the Process
- Client Visit & Education — Face to face meeting to review quote & counseling package in addition to answering questions
- Counseling — Senior will choose & schedule appointment with counseling agency from HUD approved list
- Application — Disclosure package generated for client to review & sign
- Processing — Order title report, credit, FHA case assignment and appraisal
- Submission — Loan package submitted to underwriter for review and conditional approval
- Closing — Sign final loan documents
Types of Reverse Mortgages
Home Equity Conversion Mortgage (HECM)
A Home Equity Conversion Mortgage (HECM), commonly referred to as a “Reverse Mortgage,” allows homeowners 62 and above to convert their home equity into cash and not have to sell their current home. An added benefit of a Reverse Mortgage is the cash received is tax-free. There are a variety of disbursement options available to homeowners.
HECM for Purchase (H4P)
The HECM for Purchase Program (H4P) lets homebuyers 62 and above combine the proceeds of the sale of their current home with a down payment to purchase a new home and not make principal and interest payments as long as they live there (conditions apply, contact Shannon for details).
Disbursement Options
Fixed-Rate HECM
- Lump Sum – Only available with fixed-rate HECM
Adjustable-Rate HECM
- Tenure – Fixed monthly payments for as long as the senior lives in the home as a primary residence
- Term – Fixed monthly payments for a specified period of time
- Line of Credit – A standby line of credit to access funds when needed
- Lump Sum – A one-time payment made to the senior at closing
- Combination – You can choose a tenure or term payment in addition to a line of credit and lump sum
Reverse Mortgage PROS
- Eliminates your existing principal & interest payments
- You stay in your home & maintain title
- Loan proceeds are tax-free and can be used any way you choose—consult your financial advisor
- Heirs inherit any remaining equity after paying off HECM loan
- The HECM loan is FHA-insured
Reverse Mortgage CONS
- The loan balance will increase over time
- Fees are typically higher than a traditional forward mortgage
- You must continue paying property taxes & homeowners insurance
- Value of inheritance may decrease over time as proceeds are spent and interest accrues on loan balance
- Reverse mortgages are not well understood
Questions about Reverse Mortgages? Let me help!
Equal Housing opportunity. Credit on approval. Terms subject to change without notice. Not a commitment to lend. Contents not provided by, or approved by FHA, HUD or any other government agency. All potential tax benefits should be verified with a professional licensed tax advisor. NMLS Consumer Access
At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds; charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees; the loan balance grows over time and interest is charged on the outstanding balance; the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; interest on a reverse mortgage is not tax deductible until the borrower makes partial or full re-payment.
Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates and conditions are subject to change without notice. Some products and services may not be available in all states.
Where are you in your journey ?
I understand that no two clients are alike, so I put together useful mortgage information specific to different homebuyer and homeowner situations.
My Branch
Where can you find me? At Advantage Mortgage’s Canby branch!
Let’s get started.
I’m excited for the opportunity to work together. How can I help you?
