Finance
Oregon's Home Equity Conversion Mortgage (reverse mortgage) program allows seniors to:
AConvert commercial property equity to residential equity
BBorrow against their home equity without making monthly mortgage payments, with the loan repaid when they sell, move out, or die✓ Correct
CTransfer their mortgage to a family member tax-free
DObtain a second mortgage at below-market rates
Explanation
A reverse mortgage (HECM — Home Equity Conversion Mortgage) allows homeowners aged 62+ to access their home equity without making monthly payments. The loan balance grows over time with interest. Repayment is triggered when the last borrower: sells the home, moves out for 12+ months, dies, or fails to maintain the property or pay taxes/insurance. Oregon requires reverse mortgage counseling before closing.
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