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.
Mortgage Rates Reverse Course on Positive Housing Data - MarketWatch (press release)
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Internet Marketing Service Launched for California Based Financial Services . - San Francisco Chronicle (press release)
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HomEquity Bank's reverse mortgage originations up 42% in Q4 2011 HomEquity Bank's reverse mortgage originations up 42% in Q4 2011.. | ||
Reverse Mortgages Return Lenders are quietly reviving a loan for seniors that helps them convert home equity into cash... | ||
Reverse Mortgage Versus HELOC for Extra Cash? A reverse mortgage needs to be on your primary residence, and you can't move out of that residence without triggering the payoff of the reverse mortgage... | ||
Simply Money: Beware reverse mortgages - Cincinnati.com
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Boomers' $3 trillion nest egg - CBS News
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Q&A: Walking Away From Reverse Mortgage May Not Be Best - LoanSafe
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Spending and Saving Q&A | What is a reverse mortgage? A reverse mortgage allows you to convert part of the equity in your home into cash without having to sell your home or take on additional monthly bills, according to the Federal Trade Commission... | ||
Who Should Do a Reverse Mortgage? Reverse mortgages allow homeowners of a certain age to draw down on their home's equity in exchange for cash--but it's not always the best financial decision for everyone... | ||
Chris Vigil: For some, a reverse mortgage makes good sense They say youth is wasted on the young. Simply because as we get older we become wiser in our lives especially with money decisions... | ||
Reverse mortgage vs. HELOC for extra cash? Dear Dr. Don, We own a condo in Florida and a home in Pittsburgh. I just retired at 70 years old, and now money is very tight. Can I qualify for a reverse mortgage on one of my homes? As you know, selling real estate in this market is a problem... | ||
NATION: Reverse mortgages can help senior citizens, but may not be for everyone With fixed incomes and increased living expenses, many senior citizens are turning to reverse mortgages as a way to receive extra cash... | ||
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