Reverse Mortgage Alternatives

If I’m thinking of getting a reverse mortgage, what other possible choices can I consider or do I have available in Ashland Oregon?

Answer:

It all depends on the circumstances. Depending on your finances and your needs, other financial products could make more sense than a reverse mortgage. These include second mortgages or Home Equity Line of Credit (HELOC) loans in Ashland OR, which often have lower fees – but you will need to be capable of making loan payments to a credit union or other loan company on a regular basis. state, local government agencies, and non-profit organizations in Ashland provide single-purpose reverse mortgage loans to help pay for house maintenance, upgrades, or taxes.

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

Example: Let’s say your dad or mom is having issues paying property taxes. Some counties, cities and states provide property tax relief to older homeowners, particularly people with minimal incomes. To locate programs in Ashland , go to www.eldercare.gov. You can also call local county tax assessor and ask about senior “circuit breaker” programs.

Finally, a housing counselor can help you identify and weigh your options.

Tip:

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

HUD is the Federal Department of Housing and Urban Development. It is charged with training and certifying counselors that will give trusted guidance.