Reverse mortgages
Reverse mortgages can give seniors financial freedom and allow them to stay in their homes but they are not for everyone. If you are considering a reverse mortgage, find someone who will honestly discuss the pros and cons.
Key Features
Down payments as low as 3.5%
Relativity good rates for buyers with less than perfect credit
More flexible debt-to-income requirements
Max loan amount varies by county ($431,250 in Deschutes County)
FHA loans require an upfront mortgage insurance premium and annual premiums
Can be used for purchase or refinance
Fixed rate and adjustable rate options available
Gift funds for down payments allowed
Seller contributions and lender credits towards closing costs allowed
