How do you get a reverse mortgage in Oregon?


Quick Answer

The ideal way to get a reverse mortgage in Oregon involves educating oneself to understand the process, getting advice from a certified housing counselor, applying for the loan and then disbursement of the loan. The borrower may receive the loan in the form of a lump sum, monthly payment, line of credit or a combination of any of these three options, according to the iReverse Home Loans website.

Continue Reading

Full Answer

A reverse mortgage is a special type of loan for senior homeowners that allows them to convert the equity of their homes without having to make monthly payments while still retaining ownership of their homes. This tax-free type of loan becomes due once the borrower leaves the home for good or dies, according to iReverse Home Loans.

The following shows the ideal way of acquiring a reverse mortgage in Oregon.

  1. Become informed
  2. Read and learn about the reverse mortgage process before looking for a lender. This will help instill confidence in making the decision whether or not to go through with the loan application.

  3. Receive counseling
  4. Federal and state law requires prospective reverse mortgage borrowers to receive counseling from a certified housing counselor before applying for the loan. This service is free and the counseling can take place over the phone or in person.

  5. Apply for a loan
  6. Fill out a reverse mortgage application and select the preferred form of loan disbursement. Lenders will likely require a credit report, title report, appraisal and lien payoffs to go along with the application.

  7. Wait for approval
  8. The application will undergo several more processes such as underwriting, closing and approval. Once approved, the disbursement will take place in a few days.

Learn more about Credit & Lending

Related Questions