Oregon Reverse Mortgage Info

Posts Tagged ‘Oregon Reverse Mortgage’

Mortgage calculators are tools which allow you to quickly and easily compute what your payment will be to buy a new home or refinance your existing home. All you need to know is the value of the property, the interest rate and the term. Reverse mortgage calculators are so much more complex because take into account your expected lifespan, the lifespan of your partner, the value of your home, and how your home value compares to other homes from around your part of the country.

This is what you need for a reverse mortgage calculation:

• When you were born.
• When was your spouse born (if they are still living).
• An estimate of your current home value.
• Your zip code – needed to determine your reverse mortgage limits based on the FHA’s lending limits for your region.

AARP has one of the best reverse mortgage calculators for basic information and is provided here. Remember, this is just an estimate. Your particulars may vary. Contact us for the full estimate.

Contact Us

If you have questions about a Reverse Mortgage, please contact one of us today at 541-342-7576. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. You can also e-mail Laurie here or Fred here. We are here to help you make the decision that is right for you. Reverse Mortgages are not for everyone, but they are an excellent choice for some people. Isn’t it time that you checked out the advantages of a Reverse Mortgage?

Senior Citizens that have deferred their taxes on their property will (probably) have to pay their taxes current if they are taking out an Oregon Reverse Mortgage. Additionally, if they get the Oregon Reverse Mortgage after April 15, they will (probably) need to pay the current year’s property taxes also. This is also true for a normal refinance.

Oregon Deferral Property Tax Account

If you are considering refinancing or a reverse mortgage, it may affect your deferral account:
Your lender may require a first lien position because of a loan transaction for a refinance, reverse mortgage, or another type of loan. In order for this to happen, you must first cancel your deferral account and pay in full so that the Department of Revenue can release the lien.
Once we receive payment in full from a title company or financial institution to payoff your current deferral account, and a signed, dated cancel statement, the lien against the property will be released. If you don’t submit both a signed cancel statement and full payment to close your deferral account, the department’s lien will remain in place and may jeopardize your loan. Please contact your lender if you have any questions regarding their lien position requirements.
After your refinance or reverse mortgage is complete, then you may reapply for the deferral program by submitting a new application form. The application must be submitted between January 1 – April 15.
If your application is received after April 15, you will be responsible to pay the current year’s property taxes to the county on November 15. You may contact the county or Deferral Unit to request an application booklet
Make check payable to the Department of Revenue and mail to PO Box 14380, Salem OR 97309.
Please include the or deferral reference (account) number or Social Security number on the payment.

Contact Us

If you have questions about a Reverse Mortgage, please contact one of us today at 541-342-7576. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. You can also e-mail Laurie here or Fred here. We are here to help you make the decision that is right for you. Reverse Mortgages are not for everyone, but they are an excellent choice for some people. Isn’t it time that you checked out the advantages of a Reverse Mortgage?

I am not sure how many senior citizens are aware that they have the option of deferring their property tax payments but they do. If you are interested in an Oregon Reverse Mortgage and still worried about how they are going to pay their property taxes after taking out an Oregon Reverse Mortgage, this information could be of interest you. Make sure you determine that your are eligible for the Oregon Reverse Mortgage and the deferred taxes.

Oregon Tax Deferral Qualifications

Oregon provides property tax relief for qualified senior citizens.
To qualify:

On or before April 15 of the year you file the application:

• If you are married and apply jointly with your spouse or registered domestic partner (RDP), you both must be 62 years old or older; if only one applicant is 62, you must apply as an individual.

• Joint applicants. You must own or be buying the property together.

• You must have a recorded deed to the property or you must be buying the property under a recorded sales contract. You may have a revocable trust. You are not eligible if you have a life estate interest in the property. A life estate is when you live on the property but do not own the property.

• You must live on the property; however, you may live away from the property because of medical reasons. You must send a medical statement on letterhead from your health care provider to DOR (the exact medical condition is not needed).
• Household income must be less than $38,500 for income tax year 2009. This includes taxable and nontaxable income, including Social Security and pensions. This is not the federal adjusted income (FAGI) amount. This income limit may change each year.

• If you have filed for an income tax extension, attach copies of documentation (i.e., W-2s, 1099s, federal tax return, etc.)
• If, after your initial approval, DOR discovers additional information on your household income that was not included on your application, you may be disqualified from the program and receive a billing notice.

• On manufactured structures, a $55 fee will be charged to your account for DOR to become a security interest holder, and the cost of recording the lien and the manufactured structure fee will be deferred.

Contact Us

If you have questions about a Reverse Mortgage, please contact one of us today at 541-342-7576. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. You can also e-mail Laurie here or Fred here. We are here to help you make the decision that is right for you. Reverse Mortgages are not for everyone, but they are an excellent choice for some people. Isn’t it time that you checked out the advantages of a Reverse Mortgage?

Yesterday, we started a three part interview series from Public Television about Reverse Mortgages. The interview is with a California loan officer and an interviewer that could probably qualify for a Reverse Mortgage herself. We like the information given in a very conversational way. This segment talks about the limits imposed by FHA HECM program on property values.

Reverse Mortgage Video Series Part 2

Take a look at Part 2 on Reverse Mortgage and come back tomorrow for Part 3.

One disagreement with his statement has to do with the adjustable HECM (Home Equity Conversion Mortgage) being the best product. At the time the video on Reverse Mortgage was made, that was probably true, but right now, the fixed rate HECM will probably be better than the adjustable.

Contact Us

If you have questions about an Oregon Reverse Mortgage, please contact one of us today at 541-342-7576. You can also e-mail Laurie here or Fred here. We are here to help you make the decision that is right for you. Reverse Mortgages are not for everyone, but they are an excellent choice for some people. Isn’t it time that you checked out the advantages of a Reverse Mortgage?