Find Reverse Mortgage Specialists Near You in Monmouth, OR
Browse reverse mortgage specialists serving Monmouth, Oregon. Contact information and addresses listed below.
Important: Listings are compiled from publicly available sources and have not been independently verified by BeforeMortgageUSA.com. We do not endorse any broker or guarantee outcomes. Verify licensing and disciplinary status with the
State Mortgage Licensing Authority of Oregon before hiring.
Showing 3 reverse mortgage specialists in Monmouth, OR
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Reverse mortgage specialists in Monmouth Oregon help homeowners aged 62 and older access home equity without monthly payments. Oregon law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage (HECM). Specialists guide clients through Oregon-specific rules including the three-day right of rescission and mandatory disclosure requirements.
What Does a Reverse Mortgage Specialist in Monmouth Cost?
Typical costs for a reverse mortgage in Oregon include an origination fee of up to 2 percent of the home value (capped at 6000 dollars), a mortgage insurance premium of 2 percent of the appraised value, and third-party fees for appraisal title and recording. Total closing costs often range from 3000 to 8000 dollars depending on the loan amount and property value. This is general information and 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 Monmouth Oregon?
Borrowers must be at least 62 years old. If married, the younger spouse must also meet the age requirement unless they qualify as a non-borrowing spouse under Oregon law. The home must be the borrower's primary residence.
Do I need counseling before getting a reverse mortgage in Oregon?
Yes. Oregon law requires all reverse mortgage applicants to complete a counseling session with a HUD-approved counselor. This session must occur at least 30 days before closing. The counselor explains loan terms costs and alternatives.
What types of reverse mortgages are available in Monmouth Oregon?
The most common type is the HECM insured by the Federal Housing Administration. Proprietary reverse mortgages are also available for higher-value homes. Oregon law requires lenders to offer a fixed-rate or adjustable-rate option and to disclose total annual loan costs.