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Showing 2 reverse mortgage specialists in La Grande, OR
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
Allied Mortgage Resource
1429 Adams Ave, La Grande, OR 97850
5419627557
Team Klebaum, Edge Home Finance, Mortgage Broker
1214 Adams Ave, La Grande, OR 97850
5416052154
What Does a Reverse Mortgage Specialist in La Grande Cost?
Typical costs for a reverse mortgage in Oregon include an origination fee (up to $6,000), a mortgage insurance premium (2% of the home value upfront plus 0.5% annually), and third-party fees like appraisal ($400-$600) and title insurance ($1,000-$2,000). Closing costs generally range from $2,000 to $8,000. Some costs can be financed into the loan. This is general information, not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What are the age requirements for a reverse mortgage in La Grande Oregon?
Borrowers must be at least 62 years old. All homeowners listed on the title must meet this age requirement. Oregon law does not allow younger spouses to be excluded from the loan.
Do I need counseling to get a reverse mortgage in Oregon?
Yes, Oregon requires HUD-approved counseling for all reverse mortgage applicants. The counseling session covers loan costs, repayment terms, and alternatives. You must receive a certificate of completion before the loan can proceed.
Are reverse mortgage proceeds taxable in Oregon?
No, reverse mortgage proceeds are not considered income for Oregon state tax purposes. However, interest may be deductible when you sell the home. Consult a tax professional for your specific situation.