Reverse Mortgage in Oregon
For those retiring or retired, it can be hard to know if you’ll have enough to live on. That’s why many homeowners over the age of 62 will take out a reverse mortgage in Oregon. Scroll to learn more or APPLY TODAY with one of our experienced mortgage brokers.
Reverse Mortgage in Oregon
For those retiring or retired, it can be hard to know if you’ll have enough to live on. That’s why many homeowners over the age of 62 will take out a reverse mortgage in Oregon.
What is a Reverse Mortgage?
Reverse mortgages allow those that are 62+ to access the home equity they have built up. When this happens the homeowner defers payment until they sell, move out of the house, or pass away. However, borrowers are still responsible for property taxes and homeowner’s insurance.
How Does a Reverse Mortgage Work?
Homeowners can take out a lump sum of the equity, or they can receive a monthly line of credit. The entire amount of the loan becomes due when the homeowner sells or passes away. However, there are federal regulations that ensure the total amount due does not exceed the home’s current value.
How Does a Reverse Mortgage Work?
Homeowners can take out a lump sum of the equity, or they can receive a monthly line of credit. The entire amount of the loan becomes due when the homeowner sells or passes away. However, there are federal regulations that ensure the total amount due does not exceed the home’s current value.
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