Reverse Loan To Buy A Home In Oregon

May I use a reverse mortgage loan to purchase a home in Portland OR?

Answer:

Yes. The Department of Housing and Urban Development (HUD) has a “HECM for Purchase” program which enables seniors in city state, age 62 or older, to purchase a property by using a reverse mortgage. You’ll need a much larger down payment compared to a conventional mortgage, but like all reverse mortgages, you won’t have to make monthly mortgage payments on the mortgage provided that you meet the requirements of the loan.

Tip:

For more information on the HECM program, check out HUD’s website, or ask your housing counselor. You can find a housing counselor using HUD’s counselor search webpage

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