It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in Oregon, don't hesitate to contact one of our specialists at any time.If you're 62 or older and call Oregon home, you may want to think about applying for a reverse mortgage. Oregon residents like you have been able to pay off medical bills, perform home renovations, and simply live life without the financial burden of a monthly mortgage payment all thanks to a reverse mortgage.
Why Apply for a Reverse Mortgage?Oregon residents have many reasons to consider a reverse mortgage, or HECM, but it ultimately comes down to two factors: financial security and quality of life. Living on a limited budget can be stressful. Many seniors live with financial pressure, while the home equity they worked so hard to build remains untouched. A reverse mortgage gives borrowers access to that equity. Depending on the type of loan, the money is disbursed either as a line of credit, monthly payment, lump sum payment, or some combination of the three. Also known as a home equity conversion mortgage, a reverse mortgage can use your existing equity to pay off the remainder of your mortgage. Any remaining money is available for you to use however you like. Payment is not due until you sell the home, no longer live in the home, or pass away. Keep in mind that you still must pay property taxes, insurance, and home maintenance costs.*
Types of Reverse MortgagesOregon residents can choose from three types of federal government insured HECMs. A fixed term reverse mortgage makes a lump sum disbursement of money once the loan closes and loan interest rates are locked into the rate at the time of closing. HECM line of credit loans provide a number of disbursement options, including a draw on the line of credit at closing, monthly payments, or full access to your line of credit when you need it. One Reverse Mortgage offers a third loan option called the reverse mortgage for purchase. This makes it possible for seniors to purchase a home with no monthly payments and helps borrowers move into a home that is better suited to their needs or is closer to family.
Finding Reverse Mortgage Specialists in OregonIf you have any questions about applying for a reverse mortgage in Oregon, please fill out the form on this page to have a reverse mortgage specialist contact you
*Homeowner must still maintain the property, pay homeowners insurance, and property taxes to avoid foreclosure.