Reverse mortgages · Sandy, the Mountain, East County
Retiring right where you are, from Sandy to Government Camp.
I live in Sandy, in the Mt. Hood foothills. Out here a house is often a well, a septic field, a few acres, a woodstove, and fifty years of family history. A reverse mortgage conversation should start with a neighbor who understands all of that, at your kitchen table, with your family welcome.
Rural property, understood
Wells, septic systems, acreage, outbuildings, private roads and manufactured homes on owned land. I explain what the appraiser will look at before you pay for anything.
The tax question, answered first
Oregon's Senior and Disabled Property Tax Deferral and a reverse mortgage do not mix. If deferral solves your problem for less, I will tell you so before we talk about a loan.
Family at the table
Adult children are welcome at every meeting, in person or by video. Everyone hears the same numbers, and the decision stays with you.
Town by town
The places I serve, and what I hear in each one.
Sandy
My hometown. Many Sandy homeowners bought decades ago and still carry a small mortgage into retirement. A reverse mortgage can pay off that remaining loan so the monthly mortgage payment goes away, while you keep paying taxes, homeowners coverage and upkeep. The Sandy Community and Senior Center on Pioneer Boulevard is a good place to start asking questions, and I am a few minutes away.
Boring and Damascus
Bigger lots, barns, shops, wells and septic systems. The questions here are about land: how the appraisal treats extra acreage, whether a shop or barn matters, and what happens with a shared private road. The mountain property guide covers each one.
Estacada and Eagle Creek
Rural homes along the Clackamas River and up into the foothills. Hobby acreage usually works; an active commercial farm usually does not, because the home has to be primarily residential. The Estacada Community Center hosts education programs for older residents, and I am glad to answer questions there or at your place.
Welches, Brightwood, Zigzag, Rhododendron and Government Camp
The Hoodland communities. The first question here is whether the house is your full time home, because second homes and vacation cabins do not qualify. Flood mapping along the Sandy, Salmon and Zigzag rivers, roof condition after heavy snow, and year round road access all come up in the appraisal. Hoodland Senior Center in Welches serves this stretch of the mountain.
Gresham, Troutdale, Fairview and Wood Village
Multnomah County homeowners with a different tax calendar and different county resources. Many owners here want to stay close to family and to their doctors rather than move. The new East County Library in Gresham and the Gresham Senior Center are both good community hubs.
Corbett and Springdale
Rural east Multnomah County, with wells, septic and acreage questions much like Boring. Distance should never be the reason you do not get a clear answer, so I come to you.
I also work with homeowners in Oregon City, Happy Valley, Milwaukie, Canby, Molalla and across the Portland metro. I am licensed in Oregon only.
How a reverse mortgage works
The short version, in plain words.
A Home Equity Conversion Mortgage, or HECM, is a loan for homeowners 62 and older. It turns part of your home equity into a line of credit, monthly payments, a lump sum, or a mix. No monthly mortgage payment is required while you live in the home and meet the loan obligations.
- You keep the title to your home.
- You keep paying property taxes, homeowners coverage and upkeep, and you keep living there as your principal residence.
- The balance grows over time, because interest and fees are added to it.
- The loan is repaid when the last borrower sells, moves out for good, or passes away.
- It is non recourse. Neither you nor your heirs owe more than the home is worth when it is sold to repay the loan.
- Independent HUD approved counseling comes first. I give you a list of agencies, and you choose one.
When I will tell you no
A reverse mortgage is not right for everyone. I will say so plainly when:
- You expect to move or need care within the next year or two.
- There is too little equity left after paying off your current mortgage.
- Keeping up taxes, coverage and repairs is already out of reach.
- The need is small and one time, and a smaller tool fits better.
- Passing the house to your children, debt and all, is the top priority.
- Oregon's tax deferral, a home equity line, or downsizing solves the problem for less.
Questions I hear most
Can I get a reverse mortgage on a home with a well and septic system?
Yes, many rural homes qualify. The appraiser confirms the water supply and septic system work and meet local health rules, and a water test is common for private wells. The mountain property guide walks through what to expect.
My cabin up the mountain is a second home. Does it qualify?
No. A reverse mortgage has to be on the home you live in most of the year as your principal residence. If you are thinking about moving up the mountain full time, a HECM for Purchase may let you buy the new home with a reverse mortgage instead of a monthly payment loan.
I am in Multnomah County, not Clackamas. Does that change anything?
The loan works the same way. The property tax calendar, the assessor's office and the local resources are different, and I keep track of both counties for you.
Do I have to drive to Oregon City to meet?
No. I live in Sandy, and I am glad to meet at your home, at a coffee shop near you, or by video with your family on the call from wherever they live.
Should my kids be part of this?
I hope so. Families who hear the same explanation at the same time make calmer decisions. Adult children are welcome at every meeting and at the independent counseling session.
Plain language guides
Keep reading.
Oregon reverse mortgage summary. At the end of the loan, some or all of the equity in the home may no longer belong to the borrower, and the home may need to be sold or the loan repaid from other assets. The lender charges an origination fee, a mortgage insurance premium, closing costs or servicing fees, which may be added to the loan balance. The loan balance grows over time and interest is charged on the outstanding balance. The borrower keeps title and is responsible for property taxes, insurance, maintenance and related taxes, and failing to pay them may make the loan due immediately and may subject the property to a tax lien or foreclosure. Interest is not deductible on an income tax return until all or part of the loan is repaid. A home with a reverse mortgage taken out on or after January 1, 2017 is not eligible for Oregon's Senior and Disabled Property Tax Deferral Program.
Not a commitment to lend. All loans subject to credit approval.
Talk with Becky
Start with a conversation at your kitchen table.
Call or text me, or send a note with a good time. Bring anyone you want in the room. Nothing is decided in the first conversation, and you will leave with answers in writing.