Can you qualify for a Reverse Mortgage in Southern Oregon?

Mortgage and Lending with Security One Lending Reverse Mortgage

Reverse Mortgage Lending in Southern Oregon is readily available for those who still have equity. The key phrase being "for those who still have equity". While many seniors have diligently paid off their mortgages and avoided home debt, many others have not been able to do so. A reverse mortgage requires around 50% equity- it really depends on the current interest rate, borrowers age and home value, though using 50% is a fine rule of thumb for estimating. The ability to rid yourself of your house payment for good is quite enticing and still within reach for many Southern Oregon seniors.

Home values in Ashland come in stronger at appraisal than homes in Grants PassMedford has held it's value better than Grants Pass also it seems to me. I just received an appraisal back on a home in Roseburgand I was pleasantly surprised. It is an older craftsman style on a corner lot, 1600 square feet, average condition and it came in at $140,000. The neighborhood had homes that were both nicer and not as nice. The subject property needs some work. Home Values in Brookings also seem to be holding their value better than in the Rogue Valley. My Mom has been house hunting and it is still surprising how high many of the asking prices are.

Qualifying can be difficult in extremely rural areas due to a lack of comparable sales. If the underwriters do not feel there is adequate evidence to support the value assigned by an appraiser, they have the discretion to discredit the value. Foreclosures and short sales also reduce the home value when they are used as comparable sales. Just because you may be able to sell your home for a certain amount does not mean you can substantiate it on paper. Home value can be very hard to predict and very disappointing.

My advice: if you think a reverse mortgage is in your future you ought to start the process now. Each passing month can mean a decrease in the value until the market values start to rise.

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