Your Hometown Reverse Mortgage Consultant based in Gig Harbor, WA
Your Hometown Reverse Mortgage Consultant based in Gig Harbor,
WA
Rebecca Rainsberger
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 of Gig Harbor, WA.
Your Starting Point to Reverse Mortgages
Common Misconceptions
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.
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: 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.
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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 – for another source of cash to help fund retirement, counteract the effects of inflation, and live more comfortably.
Let’s Get Social
Don’t Get Blown Away by Balloon Payments
Balloons generally imply celebration, but a balloon mortgage is anything but celebratory! With a balloon mortgage, monthly payments cover the interest, but not the principal, making them insufficient for paying off the loan balance. This balance can “balloon” to tens of thousands of dollars! Read our #blog to learn more:
At Longbridge Financial, we're committed to finding the right fit, even if it’s not a reverse mortgage. Not all lenders make that promise. We pride ourselves on providing our clients with the information they need to make their own decision. See what our client Roberta has to say!
Real people, responsive service, and regular updates. That’s our commitment to our clients at Longbridge Financial. Read about David’s experience with our team!
Don’t Get Blown Away by Balloon Payments
Balloons generally imply celebration, but a balloon mortgage is anything but celebratory! With a balloon mortgage, monthly payments cover the interest, but not the principal, making them insufficient for paying off the loan balance. This balance can “balloon” to tens of thousands of dollars! Read our #blog to learn more:
At Longbridge Financial, we're committed to finding the right fit, even if it’s not a reverse mortgage. Not all lenders make that promise. We pride ourselves on providing our clients with the information they need to make their own decision. See what our client Roberta has to say!
Real people, responsive service, and regular updates. That’s our commitment to our clients at Longbridge Financial. Read about David’s experience with our team!
May your day be touched by a bit of Irish luck and warmed by the smiles of the friends and family you love. Happy St. Patrick’s Day! #StPatricksDay
At Longbridge Financial, we strive to make reverse mortgages affordable for as many as possible. We’ve made a commitment to no hidden fees, and we stand by it! Read about Stashu’s experience with our team.
We promise to do everything we can to make your experience the best it can be. At Longbridge Financial, we are all about exceeding expectations. See what Jerry had to say about working with us!
About Me
Prior to her career in reverse mortgages, Rebecca worked as a Marketing Director for an in-home care company in Washington, covering the Puget Sound area. In 2012, her passion for helping seniors led her to start a non-profit organization, Aging Smart Educational Workshops. Based out of Gig Harbor, Washington, the organization is devoted to reaching out to community members and guiding them through the choices and changes that are impacting today’s seniors who are either in, or preparing for, retirement.
Outside of work, Rebecca enjoys directing plays, painting, and watching her son grow up. She holds a BFA in Communication Arts from Pacific Lutheran University in Tacoma, Washington.