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Oregon Reverse Mortgages

 

Albany , OR    Advantage Mortgage , Linn County      Click to request assistance
Albany , OR    Mission Hills Mortgage Bankers , Linn County      Click to request assistance
Albany , OR    Mid-Willamette Mortgage , Linn County      Click to request assistance
Ashland , OR    Par Mortgage Inc , Jackson County      Click to request assistance
Astoria , OR    Essential Mortgage Loan Services Inc , Clatsop County      Click to request assistance
Baker City , OR    Pacific Intermountain Mortgage , Baker County      Click to request assistance
Baker City , OR    U S Bank Home Mortgage , Baker County      Click to request assistance
Beaverton , OR    BanCasa Mortgage Company , Washington County      Click to request assistance
Bend , OR    Bend Hometown Mortgage , Deschutes County      Click to request assistance
Bend , OR    Maximum Mortgage , Deschutes County      Click to request assistance
Bend , OR    Minute Mortgage , Deschutes County      Click to request assistance
Canby , OR    Landover Mortgage , Clackamas County      Click to request assistance
Canby , OR    Superior Mortgage Services Inc , Clackamas County      Click to request assistance
Clackamas , OR    Marquee Mortgage , Clackamas County      Click to request assistance
Clackamas , OR    Portland Mortgage Company , Clackamas County      Click to request assistance
Clackamas , OR    Directors Mortgage Inc , Clackamas County      Click to request assistance
Coos Bay , OR    Oregon Land Mortgage , Coos County      Click to request assistance
Coquille , OR    Oregon First Community Credit Union , Coos County      Click to request assistance
Corvallis , OR    Corvallis Mortgage Company , Benton County      Click to request assistance
Corvallis , OR    Mid-Willamette Mortgage , Benton County      Click to request assistance
Corvallis , OR    Bank of America Mortgage , Benton County      Click to request assistance
Creswell , OR    Allegiance Mortgage , Lane County      Click to request assistance
Damascus , OR    Frontier Mortgage , Clackamas County      Click to request assistance
Elgin , OR    U S Bank Home Mortgage , Union County      Click to request assistance
Enterprise , OR    Lighthouse Financial Group , Wallowa County      Click to request assistance
Estacada , OR    Cents Mortgage , Clackamas County      Click to request assistance
Eugene , OR    The Lending Team Inc , Lane County      Click to request assistance
Eugene , OR    Evergreen Pacific Mortgage , Lane County      Click to request assistance
Eugene , OR    Adams Family Mortgage Team , Lane County      Click to request assistance
Eugene , OR    Home 123 Mortgage , Lane County      Click to request assistance
Eugene , OR    Home Finders Service Real Estate Group Inc , Lane County      Click to request assistance
Eugene , OR    Bridgewater Mortgage , Lane County      Click to request assistance
Eugene , OR    Siuslaw Mortgage , Lane County      Click to request assistance
Eugene , OR    Wes-State Mortgage Inc , Lane County      Click to request assistance
Eugene , OR    Worldwide Mortgage \- Marcos Bodart , Lane County      Click to request assistance
Fairview , OR    Blue Heron Mortgage Company , Multnomah County      Click to request assistance
Forest Grove , OR    Turn Key Mortgage , Washington County      Click to request assistance
Gladstone , OR    Pacific Coast Mortgage , Clackamas County      Click to request assistance
Gladstone , OR    West Coast Mortgage Group , Clackamas County      Click to request assistance
Grants Pass , OR    Redwood Financial Services Inc , Josephine County      Click to request assistance
Grants Pass , OR    Professional Mortgage Group , Josephine County      Click to request assistance
Grants Pass , OR    Home Loan Store Inc The , Josephine County      Click to request assistance
Grants Pass , OR    Mission Hills Mortgage Bankers , Josephine County      Click to request assistance
Grants Pass , OR    Jefferson State Mortgage , Josephine County      Click to request assistance
Grants Pass , OR    Mortgage Store Of Medford , Josephine County      Click to request assistance
Halfway , OR    U S Bank Home Mortgage , Baker County      Click to request assistance
Hillsboro , OR    Lenox National Mortgage , Washington County      Click to request assistance
Hillsboro , OR    A C Mortgage, Inc , Washington County      Click to request assistance
Hillsboro , OR    Mortgage Station LLC , Washington County      Click to request assistance
Hood River , OR    Agi Bofferding Sunwest Mortgage , Hood River County      Click to request assistance
Island City , OR    Primary Residential Mortgage Inc , Union County      Click to request assistance
Jacksonville , OR    Foothills Mortgage , Jackson County      Click to request assistance
John Day , OR    U S Bank Home Mortgage , Grant County      Click to request assistance
Junction City , OR    U S Bank Home Mortgage , Lane County      Click to request assistance
Klamath Falls , OR    All Seasons Mortgage Group , Klamath County      Click to request assistance
Klamath Falls , OR    IKlamath River Mortgage , Klamath County      Click to request assistance
Lake Oswego, OR    Advantage Mortgage Group , Clackamas County      Click to request assistance
Lake Oswego, OR    Centurion Mortgage , Clackamas County      Click to request assistance
Lake Oswego, OR    First Pacific Mortgage Company Inc , Clackamas County      Click to request assistance
Lake Oswego, OR    Foundation Mortgage Co , Clackamas County      Click to request assistance
Lebanon , OR    Oregon Dream Mortgage , Linn County      Click to request assistance
Lincoln City , OR    Amerifirst Mortgage Solutions , Lincoln County      Click to request assistance
McMinnville , OR    Mortgage Money Source The , Yamhill County      Click to request assistance
McMinnville , OR    Mission Hills Mortgage , Yamhill County      Click to request assistance
Medford , OR    Southern Oregon Mortgage Loans & Investments , Jackson County      Click to request assistance
Medford , OR    Cox Beard Hall & Associates , Jackson County      Click to request assistance
Medford , OR    Mortgage Marketplace Inc , Jackson County      Click to request assistance
Medford , OR    Hometown Mortgage , Jackson County      Click to request assistance
Medford , OR    Bob Forrest Loans & Investments , Jackson County      Click to request assistance
Medford , OR    Pro Mortgage , Jackson County      Click to request assistance
Medford , OR    Jefferson State Mortgage , Jackson County      Click to request assistance
Medford , OR    Trent Nistler & Associates Inc Mortgage Brokers , Jackson County      Click to request assistance
Medford , OR    AAA Northwest Mortgage , Jackson County      Click to request assistance
Medford , OR    Mission Hills Mortgage , Jackson County      Click to request assistance
Milwaukie , OR    Jackson Latree Mortgage , Clackamas County      Click to request assistance
Molalla , OR    Stellar Mortgage & Investments , Clackamas County      Click to request assistance
Newberg , OR    Northwest Mortgage Group Inc , Yamhill County      Click to request assistance
Newberg , OR    Primary Residential Mortgage Inc , Yamhill County      Click to request assistance
Newberg , OR    Columbia River Bank Mortgage Team , Yamhill County      Click to request assistance
Newport , OR    Landmark Mortgage Co , Lincoln County      Click to request assistance
Newport , OR    Cole Mortgage LLC , Lincoln County      Click to request assistance
Ontario, OR    Intermountain Community Bank , Malheur County      Click to request assistance
Oregon City, OR    Mortgage Group The , Clackamas County      Click to request assistance
Oregon City, OR    Morgan Financial Inc , Clackamas County      Click to request assistance
Oregon City, OR    Response Mortgage , Clackamas County      Click to request assistance
Oregon City, OR    Sunrise Mortgage , Clackamas County      Click to request assistance
Oregon City, OR    Trun Key Mortgage , Clackamas County      Click to request assistance
Philomath , OR    Beaver Mortgage , Benton County      Click to request assistance
Philomath , OR    Mortgage Advocates , Benton County      Click to request assistance
Portland , OR    Ameriquest Mortgage Company , Multnomah County      Click to request assistance
Portland , OR    Stashin Mortgage Services Inc , Multnomah County      Click to request assistance
Portland , OR    Response Mortgage , Multnomah County      Click to request assistance
Portland , OR    Northwest Mortgage Group Inc , Multnomah County      Click to request assistance
Portland , OR    American Equity Mortgage , Multnomah County      Click to request assistance
Portland , OR    First Pacific Mortgage , Multnomah County      Click to request assistance
Portland , OR    First Trust Mortgage , Multnomah County      Click to request assistance
Portland , OR    Central Source Mortgage Banking Inc , Multnomah County      Click to request assistance
Portland , OR    A-1 Mortgage Options Inc , Washington County      Click to request assistance
Portland , OR    Master Mortgage Services , Washington County      Click to request assistance
Portland , OR    Fairway Commercial Mortgage , Washington County      Click to request assistance
Prineville , OR    My Mortgage Guide , Crook County      Click to request assistance
Redmond , OR    1st Rate Mortgage Inc , Deschutes County      Click to request assistance
Redmond , OR    Blue Sky Mortgage Inc , Deschutes County      Click to request assistance
Redmond , OR    Five Star Mortgage Services Llc , Deschutes County      Click to request assistance
Redmond , OR    Summit Home Mortgage Inc , Deschutes County      Click to request assistance
Redmond , OR    CPS Mortgage , Deschutes County      Click to request assistance
Roseburg , OR    Bachelor Mortgage Group , Douglas County      Click to request assistance
Roseburg , OR    Mortgage House the Inc , Douglas County      Click to request assistance
Roseburg , OR    Chase Manhatten Mortgage , Douglas County      Click to request assistance
Roseburg , OR    Diversified Mortgage , Douglas County      Click to request assistance
Saint Helens , OR    Raintree Mortgage Services Inc , Columbia County      Click to request assistance
Salem , OR    Silver Falls Mortgage , Marion County      Click to request assistance
Salem , OR    A Better Mortgage Loan Company , Marion County      Click to request assistance
Salem , OR    Northeast Mortgage , Marion County      Click to request assistance
Salem , OR    Professional Mortgage Corporation , Marion County      Click to request assistance
Salem , OR    Reliance Mortgage , Marion County      Click to request assistance
Salem , OR    Liberty Mortgage Inc , Marion County      Click to request assistance
Salem , OR    Allstar Mortgage , Marion County      Click to request assistance
Salem , OR    Capitol Mortgage Company , Polk County      Click to request assistance
Salem , OR    Baker Mortgage Co Llc , Marion County      Click to request assistance
Scappoose , OR    Westgate Mortgage , Columbia County      Click to request assistance
Silverton , OR    Horizon Mountain Mortgage , Marion County      Click to request assistance
Sisters , OR    Strategic Mortgage , Deschutes County      Click to request assistance
Springfield , OR    Northwest Community Credit Union , Lane County      Click to request assistance
Springfield , OR    Selco Mortgage Company , Lane County      Click to request assistance
Stayton , OR    Stayton Family Mortgage , Marion County      Click to request assistance
Stayton , OR    Investors Mortgage Co , Marion County      Click to request assistance
Sweet Home , OR    All About Mortgage Inc , Linn County      Click to request assistance
The Dalles , OR    Discover Mortgage , Wasco County      Click to request assistance
Tigard , OR    Columbia Mortgage LLC , Washington County      Click to request assistance
Tigard , OR    Mortgage Only , Washington County      Click to request assistance
Tigard , OR    Landmark Mortgage Co , Washington County      Click to request assistance
Tigard , OR    Nationstar Mortgage , Washington County      Click to request assistance
Tigard , OR    Landmark Mortgage , Washington County      Click to request assistance
Tigard , OR    Benchmark Mortgage , Washington County      Click to request assistance
Tigard , OR    Western Sunrise Mortgage , Washington County      Click to request assistance
Tigard , OR    Abacus Mortgage & Loans , Washington County      Click to request assistance
Tigard , OR    Home Mortgage Corp , Washington County      Click to request assistance
Tolovana Park , OR    Marketline Mortgage , Clatsop County      Click to request assistance
Tualatin , OR    The Mortgage Money Source , Washington County      Click to request assistance
Tualatin , OR    Mortgage Freedom & Financial Services , Washington County      Click to request assistance
Union , OR    U S Bank Home Mortgage , Union County      Click to request assistance
Vancouver, WA , OR    Reverse Mortgage Group Inc , Clark County      Click to request assistance
Vancouver, WA , OR    Reverse Mortgage, Senior Life Solutions , Clark County      Click to request assistance
Veneta , OR    Executive Lending Group , Lane County      Click to request assistance
West Linn , OR    Bottom Line Mortgage , Clackamas County      Click to request assistance
West Linn , OR    Riverbend Mortgage Co , Clackamas County      Click to request assistance
West Linn , OR    Montgomery Mortgage Inc , Clackamas County      Click to request assistance
Wilsonville , OR    Homestead Mortgage , Clackamas County      Click to request assistance
Wilsonville , OR    Oregon Home Mortgage , Clackamas County      Click to request assistance
Yoncalla , OR    Marquise Mortgage Llc , Douglas County      Click to request assistance

 

Contact Oregon Reverse Mortgage Services

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About Reverse Mortgages

For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home-equity loan. But a conventional loan really doesn't free up the equity because the money has to be paid back with interest.

A reverse mortgage is a risk-free way of tapping into home equity without creating monthly payments and without requiring the money to be paid back during a person's lifetime. Instead of making payments the cash flow is reversed and the senior receives payments from the bank. Thus the title "reverse mortgage".

Many seniors are finding they can use a reverse mortgage to pay off an existing conventional mortgage, to create money for a down payment for a second home or to pay off debt. Popularity is skyrocketing. Over the last five years the number of reverse mortgages nationwide has tripled. The uses of this untapped wealth are only limited by a person's imagination.

For those seniors who are less fortunate but own a home, a reverse mortgage can allow them to remain in the home by creating extra income. It can also allow for remodeling or repairs and when the time comes to sell, the investment in the home can make it more valuable.

 
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About Reverse Mortgages

 

For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home-equity loan. But a conventional loan really doesn't free up the equity because the money has to be paid back with interest.

A reverse mortgage is a risk-free way of tapping into home equity without creating monthly payments and without requiring the money to be paid back during a person's lifetime. Instead of making payments the cash flow is reversed and the senior receives payments from the bank. Thus the title "reverse mortgage".

Many seniors are finding they can use a reverse mortgage to pay off an existing conventional mortgage, to create money for a down payment for a second home or to pay off debt. Popularity is skyrocketing. Over the last five years the number of reverse mortgages nationwide has tripled. The uses of this untapped wealth are only limited by a person's imagination.

For those seniors who are less fortunate but own a home, a reverse mortgage can allow them to remain in the home by creating extra income. It can also allow for remodeling or repairs and when the time comes to sell, the investment in the home can make it more valuable.

False Beliefs

  • "The lender could take my house." The homeowner retains full ownership. The Reverse Mortgage is just like any other mortgage; you own the title and the bank holds a lien. You can pay it off anytime you like.
  • "I can be thrown out of my own home." Homeowners can stay in the home as long as they live, with no payment requirement.
  • "I could end up owing more than my house is worth." The homeowner can never owe more than the value of the home at the time the loan is due.
  • "My heirs will be against it." Experience demonstrates heirs are in favor of Reverse Mortgages.

Virtually anyone can qualify. You must be at least 62, own and live in, as a primary residence, a home [1-4 family residence, condominium, co-op, permanent mobile home, or manufactured home] in order to qualify for a reverse mortgage.

There are no income, asset or credit requirements. It is the easiest loan to qualify for.

A reverse mortgage is similar to a conventional mortgage. As an example:

  • The bank does not own the home but owns a lien on the property just as with any other mortgage
  • You continue to hold title to the property as with any other mortgage
  • The bank has no recourse to demand payment from any family member if there is not enough equity to cover paying off the loan
  • There is no penalty to pay off the mortgage early

The proceeds from a reverse mortgage are tax-free and can be used for any legal purpose you wish:

  • daily living expenses
  • home repairs and improvements
  • medical bills and prescription drugs
  • pay-off of existing debts
  • education, travel
  • long-term care and/or long-term care insurance
  • financial and estate tax plans
  • gifts and trusts
  • to purchase life insurance
  • or any other needs you may have.

The amount of reverse mortgage benefit for which you may qualify, will depend on

  • your age at the time you apply for the loan,
  • the reverse mortgage program you choose,
  • the value of your home, current interest rates,
  • and for some products, where you live.

As a general rule, the older you are and the greater your equity, the larger the reverse mortgage benefit will be (up to certain limits, in some cases). The reverse mortgage must pay off any outstanding liens against your property before you can withdraw additional funds.

The loan is not due and payable until the borrower no longer occupies the home as a principal residence (i.e. the borrower sells, moves out permanently or passes away). At that time, the balance of borrowed funds is due and payable, all additional equity in the property belongs to the owners or their beneficiaries.

There are three reverse mortgage loan products available, the FHA - HECM (Home Equity Conversion Mortgage), Fannie Mae - HomeKeeper®, and the Cash Account programs. Over 90% of all reverse mortgages are HECM contracts.

The costs associated with getting a reverse mortgage are similar to those with a conventional mortgage, such as the origination fee, appraisal and inspection fees, title policy, mortgage insurance and other normal closing costs. With a reverse mortgage, all of these costs will be financed as part of the mortgage prior to your withdrawal of additional funds.

You must participate in an independent Credit Counseling session with a FHA-approved counselor early in the application process for a reverse mortgage. The counselor's job is to educate you about all of your mortgage options. This counseling session is at no cost to the borrower and can be done in person or, more typically, over the telephone. After completing this counseling, you will receive a Counseling Certificate in the mail which must be included as part of the reverse mortgage application.

You can choose 3 options to receive the money from a reverse mortgage:

1) all at once (lump sum);

2) fixed monthly payments (for up to life);

3) a line of credit; or a combination of a line of credit and monthly payments. The most popular option, chosen by more than 60 percent of borrowers, is the line of credit, which allows you to draw on the loan proceeds at any time.

Keeping money in a reverse mortgage line of credit in most states will not count as an asset for Medicaid eligibility as this would be considered a loan and not a resource for Medicaid spend down. However transferring the money to an investment or to a bank account would represent an asset and would trigger a spend down requirement. Please note however that distinguishing between what portion of reverse mortgage proceeds might be counted as a loan and what portion as an asset is not a simple black and white decision. It is best to get an opinion from an elder attorney in your state.

If a senior homeowner chooses to repay any portion of the interest accruing against his borrowed funds, the payment of this interest may be deductible (just as any mortgage interest may be). A reverse mortgage loan will be available to a senior homeowner to draw upon for as long as that person lives in the home. And, in some cases, the lender increases the total amount of the line of credit over time (unlike a traditional Home Equity Line whose credit limit is established at origination). If a senior homeowner stays in the property until he or she dies, his or her estate valuation will be reduced by the amount of the debt.

At the death of the last borrower or the sale of the home, the loan is repaid from equity in the home. Any remaining equity (which is often the case) goes to the heirs. Almost all reverse mortgages are the HECM loan which is guaranteed by FHA mortgage insurance. If there is not enough equity to cover the loan, the insurance satisfies the loan by paying the deficit. With a HECM loan, the bank will never come after the heirs to satisfy the mortgage obligation.