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Beaver State seniors looking for a convenient and comprehensive way to cover their retirement cost of living may be interested in a home equity conversion mortgage (HECM), commonly called a reverse mortgage. Reverse mortgages are loans that provide seniors with cash flow by allowing them to tap into their home equity. These loans can be put to a number of uses, including:
If approved, you may receive proceeds in a lump sum, monthly installments, or a line of credit. GoodLife’s reverse mortgage guide provides a thorough explanation of the HECM process. It is available for download, free of charge. You can also use our reverse mortgage calculator to get a sense of the amount you may qualify for.
Oregon reverse mortgage companies are required to operate in compliance with federal guidelines put in place by the Federal Housing Administration (FHA) and Department of Housing and Urban Development (HUD). That means when looking for an Oregon reverse mortgage, you will have to meet these guidelines:
Use our reverse mortgage calculator to receive a free loan estimate.
Those applying for an Oregon reverse mortgage must follow the federally-mandated guidelines for doing so. GoodLife Home Loans outlines the reverse mortgage application process in 4 steps.
Those curious about applying for a reverse mortgage loan should first become familiar with the conditions, expectations, and benefits of a HECM. The GoodLife resource center is a great place to start, and if you have further questions, a GoodLife Reverse Mortgage Specialist will be happy to help.
HUD requires that all reverse mortgage applicants attend an approved counseling session to better understand all the relevant information regarding your HECM loan. They will also help you determine whether a reverse mortgage best suits your financial situation.
Once you have attended counseling, an appraiser will determine the value of your home and ensure that your home meets HECM requirements. Once approved, your loan will be ready for disbursement.
After all the necessary application steps have been completed, GoodLife can disburse your reverse mortgage proceeds directly to your bank account.
Those seeking retirement funding through a HECM loan often have a few questions. GoodLife is here to answer them. Our reverse mortgage FAQs can help you feel confident in your decision; read through them to find out what you need to know.
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 and home insurance, in order to remain in compliance with HECM guidelines.
A variety of properties are eligible for a reverse mortgage: single-family homes, town-houses, two- to four-unit properties, and certain FHA-approved condominiums. Homeowners must also occupy the property as their primary residence to be considered.
Heirs can inherit property that has been used for a HECM. However, once the borrower has moved or passed away, heirs must either pay the balance on the loan within 60 days to keep the property, or agree to its sale.