For many seniors, staying in the home they love is a top priority. But with rising costs and limited income from Social Security or pensions, maintaining that lifestyle can be challenging. Gary Raze sat down with Ron Smith of Cross Country Mortgage to discuss how reverse mortgages can help.
What Is a Reverse Mortgage?
A reverse mortgage is a loan against your home’s equity that doesn’t require monthly payments. Instead of paying down the loan each month, the interest accrues over time. Homeowners can choose to receive cash, monthly payments, or simply enjoy the relief of having no required mortgage payment.
“It’s a way to tap into your home’s equity for livability—whether it’s vacations, helping family, or covering health expenses,” Ron explains.
Who Can Benefit?
Many baby boomers want to remain in their homes for years, but their fixed incomes make it hard to keep up with expenses. Reverse mortgages can:
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Provide extra monthly income
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Help cover medical or in-home care costs
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Allow seniors to avoid selling and moving
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Offer flexibility in how funds are received
How It Works
If both spouses are on the loan, the reverse mortgage lasts until the last surviving spouse moves out, passes away, or sells the home. At that point, the loan is repaid—usually through the sale of the home or refinancing.
Ron shared an example: a couple with $1,900 in monthly Social Security income and a $1,400 mortgage payment did a reverse mortgage. After setting aside funds for taxes and insurance, they gave themselves an additional $1,200 a month to live on.
Things to Remember
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You still must pay property taxes, insurance, and maintain the home.
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The more cash you take, the more interest will accrue.
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It’s not for everyone—but for the right homeowner, it can be life-changing.
💬 Ready to Learn More?
If you’re considering a reverse mortgage or exploring options to stay in your home comfortably, Gary and Ron are here to help.
📞 Ron Smith, Cross Country Mortgage: (541) 735-9857
📞 Gary Raze: (541) 554-5825
✉️ Gary’s Email: garyraze@remax.net
📍 Office Address: 4710 Village Plaza Loop, Ste 200, Eugene, OR 97401
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