Your Hometown Reverse Mortgage Consultant based in NW Washington, WA
Your Hometown Reverse Mortgage Consultant based in NW Washington,
WA
Licensed in WA-OR-ID-CA
James (Jim) Logghe
Your Hometown Reverse Mortgage Consultant based in NW Washington, WA
Your Hometown Reverse Mortgage Consultant based in NW Washington,
WA
Licensed in WA-OR-ID-CA
I’m proud to work with a company focused on one thing: educating seniors about reverse mortgages to help them unlock the power of their homes and live a more comfortable retirement. I’m a reverse mortgage professional and honored to serve the people in WA OR, ID, and CA
Your Starting Point to Reverse Mortgages
COMMON MISCONCEPTIONS
MYTH: Taxes have to be paid on money received from a reverse mortgage.
Nope! Proceeds from a reverse mortgage are not considered income, and are therefore not taxable. The money from a reverse mortgage comes from your home’s equity, which already belongs to you, so it’s not considered income. Plus, the interest on a reverse mortgage can be tax-deductible when it’s repaid.
MYTH: Your heirs can’t inherit the home with a reverse mortgage.
Nope! You will still be able to pass the home on to your kids. Just like any other mortgage, they can inherit the house. When the loan becomes due, they can decide how to repay the loan balance.
MYTH: Reverse mortgages should only be used as a last resort.
That’s incorrect! A reverse mortgage is a powerful financial tool that can be an important part of your overall financial plan. From paying off an existing mortgage to delaying Social Security benefits, or even establishing an emergency line of credit, it’s a flexible product that gives you options.
MYTH: A reverse mortgage interferes with Social Security and Medicare benefits.
False! Government entitled programs such as Social Security and Medicare are not affected by a reverse mortgage – however, need-based programs such as Medicaid may be. Consult a qualified financial advisor to learn more.
MYTH: Reverse mortgages are expensive.
Here’s the truth – reverse mortgage loan origination costs and interest rates are comparable to those of traditional mortgages. They do not require large out-of-pocket expenses. There are FHA insurance costs that some traditional mortgages don’t require, but the insurance benefits are well worth the relatively small cost.
MYTH: With a reverse mortgage, the bank takes your home.
That’s false! With a reverse mortgage, the homeowner keeps the title to the home in their name. The lender simply adds a lien onto the title to guarantee that the money will eventually be paid back when the loan becomes due.
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How it Works For many Americans, their home is their biggest asset, and the one they have invested the most in throughout their lives. And a Home Equity Conversion Mortgage (HECM), or "reverse mortgage," can allow senior homeowners to tap into some of this hard-earned home equity.
Let’s Get Social
💰 FAQ: “What does a reverse mortgage mean for my heirs’ inheritance?” While a reverse mortgage does reduce the equity in your home, it doesn’t necessarily eliminate it. After the loan is repaid, any remaining equity belongs to your heirs. They have options: they can keep the house by paying off the loan, sell the house and keep any remaining proceeds after repaying the loan, or deed the house to the lender. Additionally, and sometimes more importantly, using the reverse mortgage for retirement expenses can leave you other savings or investments intact, providing an inheritance for your heirs. You and any heirs can learn more in our “Guide for Heirs” blog: https://longbridge-financial.com/blog/reverse-mortgages/inheriting-a-home-with-a-reverse-mortgage-a-guide-for-heirs/?agent=1 #Longbridge #LongbridgeFinancial #FAQ #EstatePlanning #ReverseMortgage #HomeEquity
Home Maintenance by Season
With homeownership comes a growing ""to-do"" list of home maintenance projects. By knowing what tasks need to be done at a designated time of year, managing these projects becomes less overwhelming and more manageable. Check out the article below for a breakdown of home maintenance tasks by season.
Fair Housing Month: Bridging the Gap for Seniors with Home Equity Solutions
🏡 April is Fair Housing Month—a time to recognize the importance of equal access to housing and financing. At Longbridge, we’re committed to ensuring seniors have fair, responsible solutions to unlock the wealth in their homes. Read our blog to learn how your home equity can help "bridge the gap" and be a game-changer for your retirement! #FairHousingMonth #homeequity #reversemortgage #Longbridge #LongbridgeFinancial #blog
A Hidden Crisis: The Sandwich Generation and Senior Care
🥪 Being in the Sandwich Generation means juggling care for both your kids and parents. It's a demanding role that needs emotional strength and support. Read our blog for tips and insights on how to find a balance and ease the burden! #Longbridge #LongbridgeFinancial #blog #SandwichGeneration #caregiving #seniorcare
Tax Season: Are Reverse Mortgage Funds Considered Income?
Tax season is upon us! If you have a reverse mortgage or are considering one for your retirement, it's important to stay informed about the tax implications of the loan. Our blog is a great place to start. #Longbridge #LongbridgeFinancial #blog #reversemortgage #TaxDay #taxseason
Starting the Conversation: Discussing Reverse Mortgages with Your Loved Ones
Talking finances with family can be tricky—but when it comes to a reverse mortgage, open conversations bring clarity and confidence. 💬🏡 In our latest blog, we share tips on navigating these discussions, addressing concerns, and aligning your retirement goals. Plus, Melanie Parks, Longbridge VP of National Field Sales, offers personal insights—drawing from both 20+ years in the industry and her own firsthand experience helping a family member secure a reverse mortgage.
💰 FAQ: “What does a reverse mortgage mean for my heirs’ inheritance?” While a reverse mortgage does reduce the equity in your home, it doesn’t necessarily eliminate it. After the loan is repaid, any remaining equity belongs to your heirs. They have options: they can keep the house by paying off the loan, sell the house and keep any remaining proceeds after repaying the loan, or deed the house to the lender. Additionally, and sometimes more importantly, using the reverse mortgage for retirement expenses can leave you other savings or investments intact, providing an inheritance for your heirs. You and any heirs can learn more in our “Guide for Heirs” blog: https://longbridge-financial.com/blog/reverse-mortgages/inheriting-a-home-with-a-reverse-mortgage-a-guide-for-heirs/?agent=1 #Longbridge #LongbridgeFinancial #FAQ #EstatePlanning #ReverseMortgage #HomeEquity
Home Maintenance by Season
With homeownership comes a growing ""to-do"" list of home maintenance projects. By knowing what tasks need to be done at a designated time of year, managing these projects becomes less overwhelming and more manageable. Check out the article below for a breakdown of home maintenance tasks by season.
Fair Housing Month: Bridging the Gap for Seniors with Home Equity Solutions
🏡 April is Fair Housing Month—a time to recognize the importance of equal access to housing and financing. At Longbridge, we’re committed to ensuring seniors have fair, responsible solutions to unlock the wealth in their homes. Read our blog to learn how your home equity can help "bridge the gap" and be a game-changer for your retirement! #FairHousingMonth #homeequity #reversemortgage #Longbridge #LongbridgeFinancial #blog
A Hidden Crisis: The Sandwich Generation and Senior Care
🥪 Being in the Sandwich Generation means juggling care for both your kids and parents. It's a demanding role that needs emotional strength and support. Read our blog for tips and insights on how to find a balance and ease the burden! #Longbridge #LongbridgeFinancial #blog #SandwichGeneration #caregiving #seniorcare
Tax Season: Are Reverse Mortgage Funds Considered Income?
Tax season is upon us! If you have a reverse mortgage or are considering one for your retirement, it's important to stay informed about the tax implications of the loan. Our blog is a great place to start. #Longbridge #LongbridgeFinancial #blog #reversemortgage #TaxDay #taxseason
Starting the Conversation: Discussing Reverse Mortgages with Your Loved Ones
Talking finances with family can be tricky—but when it comes to a reverse mortgage, open conversations bring clarity and confidence. 💬🏡 In our latest blog, we share tips on navigating these discussions, addressing concerns, and aligning your retirement goals. Plus, Melanie Parks, Longbridge VP of National Field Sales, offers personal insights—drawing from both 20+ years in the industry and her own firsthand experience helping a family member secure a reverse mortgage.
About Me
I enjoy helping people to understand a Reverse Mortgage and how it works so I can help enhance their financial condition.
Whether providing funds for immediate needs such as eliminating a mortgage payment or providing for current expenses, or setting funds aside as a cushion for future needs, or even for purchasing a new home.
I have a Reverse Mortgage on my own home so I fully understand the benefits that can be gained from this experience.
Let me help you see how a Reverse Mortgage can benefit you!
Licensed by the California Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; Loans made or arranged pursuant to a California Financing Law license. For California consumers: For information about our privacy practices, please visit https://www.longbridge-financial.com/privacy.
Charges such as an origination fee, mortgage insurance premiums, closing costs and/or servicing fees, if applicable, may be assessed and will be added to the loan balance. As long as you comply with the terms of the loan, you retain title until you sell or transfer the property, and, therefore, you are responsible for paying property taxes, insurance and maintenance. Failing to pay these amounts may cause the loan to become immediately due and/or subject the property to a tax lien, other encumbrance or foreclosure. The loan balance grows over time, and interest is added to that balance. Interest on a reverse mortgage is not deductible from your income tax until you repay all or part of the interest on the loan. Although the loan is non-recourse, at the maturity of the loan, the lender will have a claim against your property and you or your heirs may need to sell the property in order to repay the loan, or use other assets to repay the loan in order to retain the property. Branch Address: 22722 29th Drive SE Suite 100, Office 108, Bothell, WA 98021; Branch NMLS #: 2361806; Phone #: 360-201-6808