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Increasing Financial Security with a Reverse Mortgage

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State of Oregon ORS 86A.196: A reverse mortgage is a loan that must be re-paid. Borrower retains title and the loan is due and payable when the last borrower no longer lives in the home as their primary residence. One Borrower must be 62; Borrowers must pay taxes, insurance and maintain the home. Failing to pay these amounts may cause the reverse mortgage loan to become due immediately and may subject the property to a tax lien or to possible foreclosure.

The lender may charge an origination fee, mortgage insurance premium, closing costs and servicing fees, if applicable; all or any of which may be added to the loan balance. The loan balance grows over time and interest is charged on the outstanding balance. Interest on a reverse mortgage is not deductible from the person’s income tax return until the borrower repays all or part of the reverse mortgage loan. Not tax advice, please consult your tax professional. When the loan is due and payable, some or all of the equity in the property with the reverse mortgage no longer belongs to borrowers, who may need to sell the home. Family members may refinance or otherwise repay the loan with interest from other sources.

This material is not from HUD or FHA and has not been approved HUD or any government agency.


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