Reverse Mortgage Alternatives - Reverse Mortgage Corvallis

If I am contemplating getting a reverse mortgage, what other possible choices should I look at or do I have available?

Answer:

This will depend on your circumstances. Depending on your finances and the needs you have, other financial loans might make more sense than a reverse mortgage. Examples include second mortgage loans or Home Equity Line of Credit (HELOC), which often have lower fees – but you’ll have to be able to make loan payments to a bank or other loan company on a regular basis. state, local government agencies, and nonprofit organizations in Corvallis offer single-purpose reverse mortgage loans to help pay for house maintenance, improvements, or property taxes.

For those who might use some help paying taxes, solutions may be available.

Example: Let’s say your dad or mom is having problems paying property taxes. Some counties, cities and states provide property tax relief to older homeowners, particularly people with minimal incomes. To search for programs, visit www.eldercare.gov. You might also call local county tax assessor and inquire about senior “tax break” services.

Finally, a housing counselor can assist you find and weigh your options.

Tip:

To locate a HUD-approved housing counselor in Corvallis Oregon visit the Department of Housing and Urban Development’s (HUD) website or simply call (800) 569-4287.

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

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