Protect Your Pacific Coast Investment with a Reputable Lender

Reverse mortgages may be originated by a variety of types of lenders, including those that handle the federally insured products, banks, mortgage brokers and even state and municipal government and agencies.

Here is a brief reverse mortgage lender guide for Oregon senior homeowners.

FHA Lender Loan Limits and How they Affect Oregon Homeowners

The FHA sets home mortgage limits on a county-by-county basis across the country. These limits are a key factor in determining if you qualify for the federally insured Home Equity Conversion Mortgage or HECM. For most average homeowners the local FHA limits are sufficient.

Oregon FHA limits are generally close to the national average with some deviation. About one-third of the 36 counties have slightly to significantly higher limits, which reflect higher home values in the region. The Portland-Vancouver, Eugene, Medford, Multnomah, Hood River and Bend areas are between $50,000 and $120,000 higher.

Oregon HUD Lenders

The Home Equity Conversion Mortgage administered through HUD is the single most popular in the country. Between 90 and 95% of all reverse mortgage borrowers use this product so locating a reputable lender is imperative.

Yes, the HECM is a HUD/FHA product, but do not confuse these entities with lenders—neither is a financial provider. What they do provide is a wealth of consumer information suitable for homeowners everywhere. They also provide a free HUD-approved lender list accessible via the HUD website or from a mortgage counselor in your area. Borrowers are urged only to choose a lender from this list. These lenders are experienced with the HECM and have a proven reputable track record.

**Caution: never pay anyone a fee in exchange for the HUD lender list. This is free information.

Single Purpose Reverse Mortgages Available for Oregon Borrowers

The State of Oregon, specifically the Department of Revenue, provides low-income seniors with a type of single purpose reverse mortgage. The Oregon Property Tax Deferral Program for Disabled and Senior Citizens has all the features of a reverse mortgage except that the cash is used to pay property taxes.

  • Qualifying seniors must be 62 or older.
  • Have an income less than $37,000.
  • Hold the deed to the home or property.
  • Agree to all the terms including the annual 6% interest charged.
  • The deferral comes due when the owner sells the home, moves or dies.

Types of Reverse Mortgage Providers Available in Oregon

This is a brief sample of the types of lenders a borrower is likely to find from the HUD lender list and other reliable sources.

  • Bank of the Cascades is a regionally based retail bank and a HUD-approved lender. BOTC offers a wide range of personal and business banking services and has an experienced mortgage division.
  • GMAC Mortgage located in Medford is a HUD-approved lender for the federally insured HECM.
  • Wells Fargo Home Mortgage represents one of the largest and most recognizable institutions in the country. WF’s mortgage division offers senior borrowers two products: the HUD HECM and the Fannie Mae Home Keeper, a slightly more flexible federally insured product.