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Finance of America - Nanci Cummings

Finance / Mortgage Bankers

16520 SW Upper Boones Ferry Rd, Ste 200,
Portland, OR 97224

(503) 890-8716

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About

Nanci has been a diligent champion of Reverse Mortgage Loans for over 14 years. Being a Boomer herself, she understands today’s reality of the potential of outliving our money. Unexpected medical bills, borrowing from a 401k to meet expenses, the inability to afford a mortgage payment are all common reasons for today’s borrowers to secure a reverse loan. Nanci is passionate about helping homeowner’s remain in their home, if possible, or to purchase a home. Her regard for the reverse mortgage product and the results it provides her clients is what keeps her committed to educating and serving senior homeowners on the purpose and benefits of Reverse Mortgage.

 

Call Nanci for more information (503) 890-8716

 

Disclaimer: This material is not from HUD or FHA and has not been approved by HUD or any government agency. When the loan is due and payable, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. The lender may charge an origination fee, mortgage insurance premium, closing costs and servicing fees (added to the balance of the loan). The balance of the loan grows over time and the lender charges interest on the balance. Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable.  The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms. Interest is not tax-deductible until the loan is partially or fully repaid.

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