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.
How to Apply for a Mortgage Home Loan
Step 1: Complete Your Mortgage Loan Application
Start by filling out the Mortgage Loan Application, where you’ll provide your personal and financial details for our review. Be sure to upload all necessary documents—this helps us assess your information and provide an accurate Pre-Approval.
Step 2: Request Your Credit Report
Next, you’ll need to request and pay for your credit report. This report allows you to review your credit details for accuracy, access your credit scores, and submit them for the Pre-Approval process.
Cost: $96 (paid directly to the credit bureaus)
[Order Your Credit Report Here]
Step 3: Consultation & Pre-Approval Discussion
Once we’ve reviewed your application and credit report, we’ll schedule a consultation to discuss:
Your approved loan amount
Estimated monthly payments
The home-buying process
Any questions you may have
Prefer to apply in person? Give me a call, and we’ll set up a time!
FREQUENTLY ASKED QUESTIONS
What is a
Pre-Approval?
A pre-approval is a preliminary assessment of how much you may qualify to borrow, including your estimated loan amount, interest rate, and terms based on the lender’s guidelines. This evaluation considers your income and credit information to determine your eligibility.
The biggest advantage of getting pre-approved is knowing exactly how much you can afford. This helps you focus your home search on properties within your price range, saving time and ensuring you look at homes that fit your budget.
Why do you require documents?
We require documents to verify the information provided in your application. These third-party records confirm your job history, current income, and assets, ensuring accuracy in the pre-approval process.
While not all lenders require documentation upfront, our team prioritizes providing reliable and accurate pre-approvals. When we say you’re pre-approved, you can trust that you’re on solid ground to close your home loan once you find the perfect home.
Why do I have to pay for my credit report?
Your credit report is essential for the pre-approval process, as it helps us assess your current debts—one of the key factors in determining how much you can borrow.
By paying for the report, you’ll receive a copy to review for accuracy and see your credit score. The good news? We’ll credit you back the cost of the report when your loan closes!
Do I need a Realtor while house shopping?
Buying a home is a major financial decision, and having a skilled Realtor can make all the difference. They guide you through the process—finding the right home, making a competitive offer, handling negotiations, and reviewing key documents.
With their market expertise, Realtors help you avoid costly mistakes and ensure a smoother, more informed buying experience.
Do I need a home inspection?
While an appraisal helps determine a home’s value, a home inspection gives you a detailed look at its condition. An inspection can uncover potential or existing issues before you commit to the purchase, helping you make an informed decision.
A professional home inspector will evaluate the property’s systems and components, identifying any necessary repairs and estimating their costs. While not always required, a home inspection provides peace of mind and can help you avoid costly surprises down the road.
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?
