Could a reverse mortgage be right for you?


Are you or someone you know considering a reverse mortgage? With rising costs for expenses and home values rising, a reverse mortgage may just be a great solution for eligible senior homeowners who want to access the cash in their home’s equity for things like:

  • Everyday expenses
  • High gasoline prices
  • Property taxes
  • In-home healthcare
  • Travel or other hobbies
  • Paying off your existing mortgage

A reverse mortgage allows eligible home owners to access some of the equity in their home without making monthly loan payments or having to sell the home.  There are different types of reverse mortgages designed to provide options for homeowners depending on factors such as their age, how much cash is needed and how the cash will be used.

If you are 62 years of age or older, own your home and it is your primary residence, you could qualify for a reverse mortgage.  This financial options was designed for seniors

  •  with limited cash but equity in their home
  •  who still owe on an existing mortgage
  •  who want to remain living in their home
  •  who want to downsize or purchase
  •  who want to live better

There are many popular myths about reverse mortgages that your lending professional can help to clarify.  Here are just a few:

  • We have little income and bad credit.  Can we still get approved for a reverse mortgage?
    OCCU does ask about income and obtain a credit report, however because a reverse mortgage is asset -based, there are currently no income or employment requirements to qualify for a reverse mortgage. 
  • I’m not eligible because I don’t own my own free and clear.
    You may qualify, even if you have a first or second mortgage.  Any existing mortgage debt will be paid off first but you can receive any remaining funds. 
  • Our heirs will get nothing from our house since the lender will own it.
    Just like with a first mortgage, you retain ownership.  If the house is sold to liquidate the estate, the Reverse Mortgage is paid off and your heirs will receive any remaining funds.  If proceeds from the sale don’t cover the payoff, FHA insurance covers the gap.

Reverse Mortgages can be complicated and may require clarification that is specific to each individual homeowner.  Oregon Community Credit Union is happy to provide additional information.  Just visit    or call 541.681.6114.




There are several types of

There are several types of financial instrument that decides the current structure and details of a mortgage plan; therefore homeowners are getting suitable solution through reverse mortgage. Financial organization like bank and others are providing beneficial opportunities to the home owners to overcome from mortgage problems through some amount of relief in reverse mortgage system.

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