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Reverse Mortgages in Oregon

Oregon reverse mortgagesUnlike senior citizens in other states, elderly individuals in Oregon typically obtain reverse mortgages for reasons pertaining to daily expenses rather than home investment. FHA loan provisions for appraisal limits in Oregon are similar to those of the national average. However these limits fluctuate in regions with higher home values. Approximately one third of the counties in Oregon have higher limits. For example, appraisal limits in the Portland-Vancouver area can be as much as $85,000 or higher.

The current state of reverse mortgages in Oregon, however, is making many residents worry about their finances. The reason for this “unsettling” feeling is a new Oregon State legislature passed earlier in 2011 that made a significant amount of changes to the Oregon Property Tax Deferral Program for Disabled and Senior Citizens.

Upon the laws passing, nearly 5,000 senior citizens with delinquent property taxes were cut from the program because they had reverse mortgages. Luckily, later in the year the Oregon House of Representatives passed a law agreeing to aid senior delinquent residents with there taxes for two years time.

The OR Reverse Mortgage Process

Aside from the fact that potential borrowers are not required to provide their credit score or income information, the criteria for approval is rather generic. Borrowers must be older than 62, own and occupy their home, and meet federal appraisal standards.

After meeting with an Oregon approved HECM counselor, you can start the application process.