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1737 NE Alberta Street, Suite 205 Portland, OR 97211 Mobile (503) 502-2760 Tel (503) 334-0479 [email protected]
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- monday: 8:00AM – 5:00PM
- tuesday: 8:00AM – 5:00PM
- wednesday: 8:00AM – 5:00PM
- thursday: 8:00AM – 5:00PM
- friday: 8:00AM – 5:00PM
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- Reverse Mortgage
Your Local CrossCountry Mortgage Reverse Loan Officer
Rick Gerkman
- Reverse Mortgage Specialist
- Portland, OR Mortgage Loan Officer
- NMLS #304887
I’ll be with you every step of the way
Hi, I’m Rick, and with over 25 years as a loan officer in the mortgage industry, my true passion is working with clients in or planning for retirement to enhance their financial possibilities. While I specialize in both HECM (Home Equity Conversion Mortgage) and reverse mortgage products, I’m well versed in a variety of other loan options.
As a HECM/Reverse Mortgage Specialist in our Portland, Oregon branch, I’ll help guide and empower you through the process, answering your questions and involving those that you trust to help make informed financial decisions. With the support of CrossCountry Mortgage, America’s #1 Retail Mortgage Lender, I’m committed to providing personalized service to help you secure your best financial future.
When I’m not assisting clients, I enjoy golfing, hiking, cooking, gardening, stand-up paddleboarding, spending time with family and friends and — most of all — spending time with my wife and sweet Frenchie!
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How much will my mortgage payment be?
This calculator is being provided for educational purposes only. The results are estimates based on information you provided and may not reflect CrossCountry Mortgage, LLC product terms. The information cannot be used by CrossCountry Mortgage, LLC to determine a customer’s eligibility for a specific product or service.
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Frequently asked questions
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Reverse mortgages allow homeowners age 62+ (55+ for some proprietary reverse mortgages) to borrow against their primary residence equity, and receive the funds as a lump sum, fixed monthly payment, or line of credit. The loan doesn’t have to be repaid until the borrower sells, moves out, or passes away. (Equity is the difference between what you owe on your home [mortgage] and your home’s worth.)
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With a traditional mortgage, you borrow money to buy or refinance a home and make monthly principal and interest payments to the lender. With a reverse mortgage, you borrow money based on your home equity (and other factors) and receive the funds directly, but monthly mortgage payments are optional. You must pay property taxes, homeowners insurance, HOA dues (if applicable) and home maintenance.
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There are pros and cons to reverse mortgages, so it’s best to meet with an experienced reverse mortgage loan originator to understand if it’s the right choice for you. It’s important to know that there’s a lot of misinformation about these loans, so listening to a knowledgeable source is a good first step.
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HECM stands for Home Equity Conversion Mortgage. It’s a Federal Housing Administration (FHA) insured reverse mortgage for borrowers age 62 and over. By far the most popular type of reverse mortgage, you can use it to borrow funds and stay in your current home or buy a new home if you want to relocate or rightsize. It’s for your primary residence only.
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The most common reverse mortgage is the Home Equity Conversion Mortgage (HECM), followed by the proprietary reverse mortgage (often a jumbo loan) and the single-purpose reverse mortgage (funded by a nonprofit, state or local government).
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You don’t need to repay the loan until you no longer occupy your home as your primary residence. The loan is most often repaid through the sale of the property, but it can also be paid through a refinance. Any remaining equity after paying off the reverse mortgage belongs to the borrower or their heirs.