As part of our commitment to informed financial decisions, we outline the critical aspects of reverse mortgages for Oregon homeowners. This includes how loan maturity may affect property equity, a summary of potential fees (such as origination fees, mortgage insurance premiums, and servicing fees), and the growth of loan balances over time. Importantly, homeowners retain property title, bearing responsibility for taxes, insurance, and maintenance. Interest on reverse mortgages becomes tax-deductible upon repayment.
We advocate for consulting with financial advisors and highlight the necessity of HUD-approved counseling prior to application.