Reverse mortgages 101: What you need to know

What is a reverse money mortgage? Watch this brief video and learn more.

Can I qualify for FHA’s HECM Reverse Mortgage?

To be eligible for a FHA Home Equity Conversion Mortgage (HECM), FHA requires that you be a homeowner 62 years of age or older, have a low mortgage balance and you must live in the home. You are further required to receive consumer information from an approved HECM counselor prior to obtaining the loan.

Call 503-327-6889 to speak with a reverse mortgage counselor.

Can the lender take my home away if I outlive the loan?

No. You do not need to repay the loan as long as you or one of the borrowers continues to live in the house and keeps the taxes and insurance current. You can never owe more than the value of your home at the time you or your heirs sell the home.

Will I still have an estate that I can leave to my heirs?

When you sell your home, you or your estate will repay the cash you received from the reverse mortgage plus interest and other fees, to the lender. The remaining equity in your home, if any, belongs to you or to your heirs.