Reverse Mortgage Application Portland OR - Reverse Mortgage Portland

Not All People in Portland Oregon Can Apply to get a Reverse Mortgage.

There are particular requirements you must satisfy in order to be qualified to apply for a reverse mortgage. The most popular type of a reverse mortgage is known as Home Equity Conversion Mortgage (HECM). The Federal Housing Administration (FHA), a segment of the Department of Housing and Urban Development (HUD), insures HECMs.
Note: This website offers the specifics of HECMs, which are the most common form of reverse mortgage loan.

To qualify and apply for a reverse mortgage in Portland OR:

• You must be no less than 62 years old.
• Your property needs to be your primary residence.
• You will need to own your property outright or have a small home loan balance that may be paid in full at close of escrow with cash from the reverse home mortgage. There will be limitations to how much cash you can use. Therefore, in case you still owe a lot of money on the forward mortgage, you may not qualify for a reverse mortgage.
• You must have the funds to pay for recurring property expenses which includes property taxes and homeowners insurance, as well as maintenance and repair costs.
• You need to consult with a HUD-authorized counselor to go over your eligibility, the financial significance of the mortgage, along with other reverse home loan choices.

This program requires that you talk to a HUD approved reverse mortgage (HECM) counselor to discuss how a reverse mortgage works and the amount it may cost you. The counselor must be approved by HUD. The FHA also makes it necessary that your home be in good shape. In case your residence is poorly maintained, you are going to need to fix it before you obtain a HECM reverse home loan.

Prior to Filling Out a Reverse Mortgage Loan Application in Portland OR Consider This

For those who have a wife or husband or other relatives living with you, contemplate very carefully about their housing needs before you apply for a reverse mortgage in Portland Oregon. Husbands and wives (or others living with you) may apply jointly as co-borrowers if all parties are 62 or older. For almost all people, this is the best choice when they decide to apply for a reverse mortgage in Portland Oregon. When spouses are listed as co-borrowers on the reverse mortgage loan, one spouse may still stay in the home even if the other spouse passes away or has to relocate to a assisted living facility. Unwed partners, sisters and brothers, or other individuals surviving in the household could also apply for a reverse mortgage in Portland Oregon collectively as coborrowers and receive the exact same benefits, as long as every one of the borrowers are age 62 or older.

Note: Sometimes one spouse may not yet be 62, and thus are not going to met the criteria as a co-borrower. A non-borrowing spouse may be able to remain in the home after the borrower dies if they qualify as an “eligible non-borrowing spouse.” Once your non-borrowing spouse turns 62, you might be qualified to refinance the reverse home mortgage to include them, however , there’s fees connected with refinancing a reverse mortgage.

Caution:
Individuals who occupy the house and are not co-borrowers or will not qualify as an qualified non-borrowing spouse will likely have to move when the borrower dies or moves out. In addition, once you have a reverse home mortgage and depart your house for longer than one year for a health related reason, those individuals that are not co-borrowers will likely have to move out of the house.

If you or maybe your parents are looking for a reverse loan, ensure you get all the facts first. There are numerous resources that will help you learn more about reverse mortgages before you apply.

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