Oregon Reverse Mortgage Lenders
Senior citizen living in Oregon can now turn to an Oregon reverse mortgage lender for assistance in finding those needed funds to meet those monthly expenses that they face. Increases in expense in such areas as food, transportation, energy, insurance and medical treatment are not being covered by the minor increases that senior are receiving in increased social security and other sources. This alternative is becoming a more attractive alternative for those homeowners as is provides them access to the equity which the have earned through years of faithfully making payments on the homes.
Reverse mortgage lenders specialize in a special type of home loan that enables older homeowners, over 62, to covert a portion of the equity in his or her home into tax free income. The equity built up over years of home mortgage payments can be the largest single investment holding for most elderly individuals. These types of mortgages are unlike a traditional home equity loan or second mortgage, when a lump sum is provided and then repaid over time. With a reverse mortgage, the lender makes payments to the borrower without asking the borrower to give up title, or sell the home. Also the loan does not need to be repaid until the borrower(s) no longer use the home as their principal residence.
There are a variety of methods in which the proceeds from a reverse mortgage can be provided. One of the most common is a regular monthly cash advance, which assists the any senior citizens to make monthly payments on expenses. The proceeds could also be paid as a single lump sum to be used by the borrower. A line of credit can also be established for the borrower which then can be utilized when needed. This allows the borrower to take only the funds needed and not have to pay interest on funds not immediately needed. A combination of these methods can also be done.
It is recommended that you meet with an independent reverse mortgage counselor before applying for the program. The counselor can educate you about the reverse mortgage, alternatives and assisting in determining which product best fits your needs. If you live in Washington reverse mortgages might be the right answer for you. For more information contact the Oregon Housing and Community Services. You can also receive free information about reverse mortgages by calling AARP. Since your home is probably your largest single investment, it's smart to know more about reverse mortgages, and to find the right reverse mortgage lender.
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