How to Qualify for a HECM Reverse Mortgage
If you are at least age 62 and own a home in Oregon with a positive equity balance, then you may likely qualify, but if you want take a deeper dive into the other factors that influence qualifications please continue reading below.
If you are interested, give us a call at: (800) 779-1020 for a confidential consultation or simply use our reverse mortgage calculator to get an instant estimate of loan proceeds available if you do qualify!
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Oregon homeowners, get started today to see how much you may qualify for!
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By submitting this estimate request form, I authorize HighTechLending doing business as Golden Heritage Financial to contact me to discuss the information submitted on the form in order to provide information about the HECM loan product, answer any questions you may have, help determine your qualification for the HECM reverse mortgage and if you’re interested, help you apply for the loan, even if the telephone number provided is currently listed on a corporate, state, and/or federal Do-Not-Call list(s). I understand that I am not required to give my consent as a condition of purchasing any goods or services from HighTechLending doing business as Golden Heritage Financial. I may revoke my consent at any time by contacting Samy Khoury at skhoury@hightechlending.com.
Important Disclosure
- The borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; and
- Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees.
- The loan balance grows over time and interest is charged on the outstanding balance
- At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds
- Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment.
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How Reverse Mortgage Eligibility is Determined:
The following criteria must be met to qualify for a reverse mortgage:
- The primary borrower must be at least 62 years old, if married to a spouse that is under age 62, they may file as a non-borrowing spouse.
- The subject property, or home being borrowed against, must be the borrowers primary residence, where they occupy the home for at least six months per year.
- There must be sufficient equity in subject property. The amount of equity required may vary based on the lender or the specific loan program chosen to participate in.
- Borrowers with an existing mortgage balance, should be aware that it will be paid off with the proceeds from the reverse mortgage at closing.
- Borrowers must participate in a financial assessment process that assures they have the ability maintain continued payments of property taxes, homeowners insurance, HOA dues if applicable and other maintenance related expenses throughout the life of the loan. In some instances some of the loan proceeds will be set aside and reserved for paying these obligations.
- HECM reverse eligibility is dependent on the borrower’s attendance of a required counseling session with a HUD-approved counselor who reviews the pros and cons of a reverse mortgages, discusses alternatives, and reviews the requirements for eligibility.
- Additional qualifying conditions may apply – speak with one of our experienced mortgage loan originators to learn more.
Learn About The Pros & Cons
Understand The Costs & Fees
Review The Loan Process
Choosing a Reverse Lender
Did you get your qualification questions answered?
A HECM reverse mortgage may provide solutions for qualified Oregon homeowners looking to improve their financial resources and augment their retirement income, allowing them to maintain or potentially improve their financial flexibility and the lifestyle they’ve earned over years of hard work and sacrifice.
Our main goal is to ensure you have the information you need to make an educated decision about reverse mortgage loans and access to us as a trustworthy local lender.
Reverse mortgages can be a great option for qualified Oregon homeowners looking to improve their retirement income or have additional financial resources that allow them to maintain or improve the freedom and lifestyle they’ve earned over years of hard work and sacrifice.
To schedule a free, no obligation discussion about the pros and cons of reverse mortgage loans, the HECM loan qualifications, or to gain a better understanding of how they work, do not hesitate to give our help line a call at (800) 779-1020, we’d love to meet with you at your home or have a talk on the phone to share anything you need to know about the HECM reverse mortgage home loan.
5 Important Things To Understand As You Consider A HECM Reverse Mortgage Loan
1
At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds.
2
Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees.
3
The loan balance grows over time and interest is charged on the outstanding balance.
4
The borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home;
5
Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment.