Oregon Reverse Mortgages

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How a Reverse Mortgage Works in OR

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:

  • Paying down outstanding debt
  • Medical costs
  • Home improvements and accessibility upgrades
  • Leisure and travel
  • Quality of life expenditures

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.

To learn more about the structure of a reverse mortgage in Oregon, download GoodLife’s reverse mortgage guide for additional information.

Have a question about Oregon reverse mortgages?
Contact us today.

Oregon Reverse Mortgage Qualifications & Requirements

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:

  • Applicants must be at least 62 years old
  • Applicants must occupy the property as your primary residence
  • Borrowers must own substantial equity in the residence
  • Throughout the duration of the loan, borrowers must meet and maintain government reverse mortgage eligibility requirements
  • All applicants must attend a HUD-approved counseling session

Oregon Reverse Mortgage Calculator

Use our reverse mortgage calculator to receive a free loan estimate.

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If your home value is above $765,600 please contact us for a customized benefit summary.


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Oregon Reverse Mortgage Process

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.

Reverse Mortgages in OR: FAQs

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.

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 and home insurance, in order to remain in compliance with HECM guidelines.

What kinds of properties are eligible for a reverse mortgage loan?

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.

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 must either pay the balance on the loan within 60 days to keep the property, or agree to its sale.

HECM loans can be a path to living The GoodLife in Retirement. For more information, contact a GoodLife Reverse Mortgage specialist today.

Check out our blog and videos to learn more about how you can live The Good Life in Retirement