A firecracker of a lady living in SE Portland Oregon reached out to me asking about a reverse mortgage. She was 81 years old and had been through a hard stretch. A bout with cancer brought medical bills, she was unable to maintain her job while ill (she’s fully recovered!), and she was starting to use credit cards to keep everything afloat. Fortunately, she was drawing Social Security, but it wasn’t enough to cover it all.
With a HECM reverse mortgage, we were able to eliminate Ms. Firecracker’s monthly mortgage payment, clear out the accumulated debts, restock her savings, give her access to a line of credit for future use if necessary, and put back $1,900 in the monthly budget. Here’s how that happened:
Where We Started From
$2,889 going out against $2,556 coming in. A $333 shortfall every month, before groceries or gas or anything else. Savings covered the gap for a good while, until they ran out.
This wasn’t a spending problem; it was a cash flow problem.
The Home in SE PDX
Ms. Firecracker purchased her home in Portland, Oregon in 1996 for $130,000. In 2026, it appraised for $610,000. At the time of the refinance, she owed $90,000.
The Reverse Mortgage Solution
A HECM reverse mortgage solved for the cash flow problem.
Taxes and insurance still apply, same as any homeowner. No other mortgage obligations.
The Outcome
Taxes and insurance are the only bill left. No mortgage payment. No card payments.
How This Can Help Other Oregon Homeowners
I see this pattern more than you might expect: a homeowner with equity built over decades, hit by a cash flow problem. Rising costs of living. A health event. Fixed income that stops keeping up. That built up equity in the home can be the solution. You’ve lived there for years, making mortgage payments and accumulating that equity; you can make use of it in your retirement.
If you’re 62 or older, carrying a mortgage payment alongside bills that have crept up, let’s look at your numbers the way we looked at it for Ms. Firecracker. I’d be happy to help.
Let’s TalkShannon McAlister is a Certified Mortgage Advisor and mortgage lender based in Portland, Oregon. With 20+ years in the business, she specializes in real estate investors, reverse mortgages, and divorce mortgage planning as an RCS-D certified professional. Oregon Homes for Heroes affiliate for 12+ years. The kind of lender you refer your people to.
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