Oregon Reverse Mortgages
A reverse mortgage can enable you to tap into your home equity so you enjoy a comfortable, financially secure retirement in Oregon.
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Oregon Reverse Mortgage Process
Those applying for an Oregon reverse mortgage must follow the federal guidelines when doing so, but we make it easy by breaking the reverse mortgage application process into four simple steps.
In step one, we teach you everything there is to know about reverse mortgages, and you teach us about your retirement goals so we can determine whether this type of loan is right for your needs. We’ll always have your best interest at heart and will never push a product that’s not suitable for your circumstances.
HUD requires all prospective borrowed to attend an approved counseling session to better understand all the relevant information regarding your loan. They can verify the information we provide you and act as an unbiased, objective resource throughout the process, so you can feel safely protected every step of the way.
Once you have attended counseling, we’ll process your application, run your finances, and coordinate an appraiser to determine the value of your home, ensuring that it meets the minimum FHA requirements. Once approved, your loan will be ready for funding.
After we draw up the final documents and receive your official, notarized signature, we’ll fund the loan, complete any necessary payouts, and disburse the proceeds directly to your bank account in the payment method of your choice. GoodLife® delivers fast funding because we handle the loan origination in-house, which also enables us to offer the best reverse mortgage rates that can meet or exceed any competitor’s, guaranteed.
Reverse Mortgages in Oregon: FAQs
For more information, refer to our reverse mortgage FAQs:
Are there restrictions on how I can use the money from a reverse mortgage?
No, once your reverse mortgage proceeds have been disbursed, the way you spend them is up to your discretion. However, in some cases, a portion of your proceeds may be put aside to fund home repairs, or to cover the cost of mortgage insurance and property taxes.
What kinds of properties are eligible for a reverse mortgage loan?
Most residential properties are eligible for a reverse mortgage: single-family homes, townhouses, two- to four-unit properties, and certain FHA-approved condominiums. Homeowners must occupy the property as their primary residence to be considered
Can you inherit a house with a reverse mortgage?
Heirs can inherit property that has been used for a HECM. However, once the borrower has moved or passed away, heirs have 60 days to decide whether they’d like to pay the loan balance and keep the property, or agree to its sale to settle the debt.