Reverse Mortgage Alternatives in Oregon

If I’m thinking of taking out a reverse mortgage, what other possible choices can I look at or do I have available in Portland Oregon?

Answer:

It all depends on your circumstances. Depending on your financial situation and the needs you have, other financial loans could make more sense than a reverse mortgage. These include second mortgage loans or Home Equity Line of Credit (HELOC) loans in Portland OR, which could have lower expenses – but you will have to be capable of making loan payments to a credit union or other loan provider monthly. state, local government bureaus, and non-profit organizations in city provide single-purpose reverse mortgage loans to help pay for property repairs, upgrades, or property taxes.

In the event you might use some help paying real estate taxes, solutions could be available.

Example: Let’s say your dad or mom is having challenges paying real estate taxes. Some counties, cities and states provide property tax relief to older homeowners, especially those with minimal incomes. To look for services in city, check out www.eldercare.gov. You might also call local county tax assessor and inquire about senior “circuit breaker” programs.

Finally, a housing counselor can help you ascertain and weigh the options.

Tip:

To locate a HUD-approved housing counselor in city state go to the Department of Housing and Urban Development’s (HUD) site or dial (800) 569-4287.

HUD is the Federal Department of Housing and Urban Development. It’s charged with training and certifying counselors who will give reputable assistance.

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