Alternatives To Reverse Mortgage

If I’m thinking about taking out a reverse mortgage, what other possibilities should I look at or do I have available in Gresham Oregon?

Answer:

It all depends on your circumstances. Subject to your finances and the needs you have, other financial loans could make more sense than a reverse mortgage. Examples include second mortgage loans or Home Equity Line of Credit (HELOC) loans in Gresham Oregon, which might have lower expenses – but you will need to be capable of making loan payments to a bank or other lender on a regular basis. Oregon, local government agencies, and nonprofit organizations in Gresham can provide single-purpose reverse mortgage loans to help pay for property maintenance, improvements, or taxes.

For those who could use some help paying for property taxes, solutions may be available.

Example: Let’s say your father or mother is having trouble paying property taxes. Some counties, cities and Oregons provide property tax relief to older consumers, specifically those with low incomes. To locate programs in Gresham, check out www.eldercare.gov. You might also call local county tax assessor and ask about senior “circuit breaker” options.

Finally, a housing counselor can assist you to find and weigh the choices.

Tip:

To locate a HUD-approved housing counselor in Gresham Oregon go to the Department of Housing and Urban Development’s (HUD) website or dial (800) 569-4287.

HUD is the Federal Department of Housing and Urban Development. It’s charged with training and certifying counselors that will provide reputable guidance.