Oregon Reverse Mortgage

If you’re a senior and you’re planning to retire in the beautiful state of Oregon, make sure you’ve established a source of income to live on during the best years of your life.  One way to do this is through an Oregon reverse mortgage.  This mortgage is tied to the equity in your home, and it works in reverse.  Your lender makes payments to you each month in exchange for gradual ownership of this equity.

Reverse Mortgage Oregon Information

Most reverse mortgages in Oregon are taken out by elderly individuals who don’t see their homes as investments any longer and simply need spendable income to put toward day to day expenses.  But many younger retirees who have built up significant home equity use these mortgages as well both to get out of debt and to gain income.

You must be at least 62 years old and own your own home.  Beyond this, there are few requirements to qualify for one of these loans.  You don’t have to prove and credit score or income.  The money you get through your reverse mortgage is already yours, and as a result, your lender is taking on very minimal risk.  You can spend the money in any way you want.  Use it to pay for medical expenses, other debt obligations, vacations, gifts for relatives, a down payment on a new home, or anything else.  You can learn more about the benefits and advantages of this loan program by reading through our reverse mortgage information fact sheet.

When your lender takes over your home equity, you can arrange to receive your new income in a number of ways.

• You can get it monthly, paid in installments.
• You can get it all at once at the start of the mortgage, as a lump sum.
• You can get it as you need it through accredit line.

You can also combine any of the above choices to arrange your own customized income stream.

Your lender won’t own the title or deed to your home at any time before, during, or after you take out a reverse mortgage.  Your lender owns the equity only, which gives the lender very minimal power over your home.  Your lender cannot repossess your home.  You can continue living in your home without making any payments on your reverse mortgage until the day you pass away.

You don’t’ have to pay the mortgage back at any time during your life unless you want to move to a new home or sell your current home.  When either of these occurs, your lender will need to recoup the value of the equity that has been purchased.

When you pass away, your heirs will be required to pay off the reverse mortgage.  But don’t’ worry.  You aren’t passing any debt to them beyond the value of the home itself.  They can simply sell the home and pay back the full amount.  If the home decreases in value and the sale price is not sufficient to cover the full reverse mortgage amount, the lender must take a loss, not your heirs.  Federal laws regulate this.  Your heirs won’t have to deal with even a penny of your debt, keeping you financially independent during your life and after.

You can learn more about this process and about the reverse mortgage loan in general by reading through the HUD’s Frequently Asked Questions page.  If you want more detailed information or have specific questions about your own financial situation, contact a lender in our network.

Oregon Reverse Mortgage Lenders

Many mortgage lenders in Oregon are more than willing to arrange reverse mortgage for seniors and retirees.  But you must be careful and conduct some research.  Many lenders charge high, unscrupulous fees to seniors for these loans.

Find the lender in your part of Oregon who offers the lowest mortgage rates and chares the lowest fees.  Pay close attention to each item your lender claims to charge you.  Check origination fees and closing costs from at least four or five lenders in your area to find the best deal.

If you want more information about reverse mortgages and getting started on one, read our reverse mortgage checklist.

About Oregon

Oregon is known as one of the most beautiful states in the nation.  It is a land of lush forests and snowy mountains and is popular among outdoor enthusiasts.  It is one of the major recreation areas of the nation.

Portland, Salem, Eugene, Bend, and Corvallis are among the most significant cities in the state of Oregon.  These cities are home to many high end technology companies.  Portland is a famous city renowned for its unique culture and outdoorsy vibe.

Many retirees choose to live in Oregon for these reasons.  If you would like to retire in this beautiful area, consider taking out a reverse mortgage to obtain the income you need.

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