Oregon Reverse Mortgages for Seniors

Oregon reverse mortgages for seniors are rapidly attaining recognition as being a viable option for many seniors age 62 and older.

Residents of this state are turning to Oregon reverse mortgages for seniors as a solution for cash strapped homeowners that are house rich, but cash poor. The cost of every major essential for daily living is rising at a rapid pace. Retirees trying to get by on a fixed income are struggling to keep up with inflation. We all know about the extreme increases in the cost of gasoline recently, but what might not get as much publicity, is that almost every basic essential is also going up in price at an alarming rate. Food, utilities, medicine, healthcare, real estate taxes; there is barely an essential commodity that has not been affected.

Because fixed incomes are just that.fixed, there is little help for Oregon retirees that don't have incomes adjusted for inflation. Consequently, older homeowners that have a large amount of equity in their homes are turning to Oregon reverse mortgages for seniors as a why to pay for everyday living expenses. Even though many people thought they had planned well for retirement, greater numbers are discovering that what they thought would be enough savings is turning out not to be.

Oregon Home Equity

Since qualifying for an Oregon reverse mortgage requires substantial equity in the home, there are also quite a few seniors that are disappointed to learn that they may not have enough equity in their homes or the equity that they do have, is not going to supplement their incomes sufficiently. Oregon reverse mortgages for seniors are based upon several things. Those are; the amount of equity versus the value of the home, the ages of the homeowners and their life expectancy, the current interest rate and the maximum loan amount allowed for the county where their Oregon home is located. To get a quick snapshot of whether you have enough equity in your home to qualify, use our reverse mortgage calculator. The calculator illustrates approximate figures and shows you if you have enough equity to qualify.

If the calculator tool shows that you qualify, you should request a more comprehensive summary tailored specifically for you. Request your free Oregon reverse mortgages for seniors quote here. Your personalized benefit summary will compare several different loan options and show you the costs for each as well as which one will offer you the most money.

Seniors Loan Qualification

Oregon reverse mortgages for seniors that are insured by FHA, are called Home Equity Conversion Mortgages or HECM. These are by far the most popular, not only in Oregon but nationwide. The reasons for their popularity are that HECM loans usually offer the most money when compared to other reverse mortgages, and they are guaranteed by the FHA, (The Federal Housing Administration.) Oregon seniors that wish to apply for a HECM must first attend HUD counseling as a safeguard to insure that the senior applicant completely understands the loan and how a reverse mortgage works.

Once the counseling has been completed, the senior receives a certificate of completion which must be presented to the lender before an application for an Oregon reverse mortgage can be processed. Get Your Free Quote Today!

• Link to Oregon AARP

Click Here To See If You Have Enough Equity To Qualify