REVERSE MORTGAGE GUIDANCE
Reverse Mortgages in Oregon & Washington
Understand How Your Home Equity Could Support Your Retirement Goals
A reverse mortgage allows eligible older homeowners to access a portion of their home equity while continuing to own and live in their home. Unlike a traditional mortgage, there are generally no required monthly principal and interest payments as long as the borrower continues to meet the loan requirements.
For some homeowners, a reverse mortgage can help eliminate an existing mortgage payment, improve retirement cash flow, establish a line of credit, or help purchase a new primary residence.
But a reverse mortgage isn’t right for everyone.
At Platinum Lending Solutions, we help homeowners throughout Oregon and Washington understand how reverse mortgages work, compare available options, and determine whether accessing home equity makes sense for their individual retirement goals.
As an independent mortgage broker, we can evaluate FHA-insured Home Equity Conversion Mortgages (HECMs) and available proprietary reverse mortgage programs rather than limiting the conversation to a single product or lender.
Education First. Options Second.
Understand the benefits, responsibilities, costs, alternatives, and long-term considerations before deciding whether a reverse mortgage fits your retirement goals.
1
Understand the Basics
2
Compare Your Options
3
Review Costs & Eligibility
4
Explore Your Situation
What Is a Reverse Mortgage?
A different way for eligible older homeowners to access a portion of their home equity.
A reverse mortgage is a specialized home loan designed for eligible older homeowners who want to access a portion of the equity in their primary residence.
The most common reverse mortgage is the Home Equity Conversion Mortgage (HECM), which is insured by the Federal Housing Administration (FHA) and is generally available to eligible homeowners age 62 and older.
Depending on the loan and payment structure, available proceeds may be received as:
• A lump sum
• Monthly advances
• A line of credit
• A combination of available options
You continue to own your home and hold title.
You also remain responsible for property taxes, homeowners insurance, applicable HOA or property charges, maintaining the home, and meeting occupancy requirements.
The loan generally becomes due following a maturity event, such as when the last borrower sells the home, permanently leaves the property, or passes away.
Is a Reverse Mortgage Right for You?
A reverse mortgage may be worth exploring if you have substantial home equity and want to:
• Eliminate an existing mortgage payment
• Improve monthly retirement cash flow
• Access home equity without selling your home
• Establish a line of credit for future needs
• Fund home improvements or aging-in-place modifications
• Create additional retirement liquidity
• Reduce reliance on investment withdrawals during certain periods
• Purchase another primary residence during retirement
The Bigger Question Is Whether It Fits Your Long-Term Plans
Qualification alone doesn’t mean a reverse mortgage is the right financial decision.
Your expected time in the home, existing mortgage balance, available retirement assets, future housing plans, estate goals, and ability to maintain ongoing property expenses should all be considered.
Potential Benefits of a Reverse Mortgage
For the right homeowner, a reverse mortgage can provide more than access to cash.
1
Eliminate an Existing Mortgage Payment
Reverse mortgage proceeds can generally be used to pay off an existing mortgage, eliminating its required monthly principal and interest payment.
2
Remain in Your Home
Accessing home equity doesn’t require you to sell your property. You continue to own the home as long as you meet the loan requirements.
3
Increase Retirement Flexibility
Available proceeds may provide another source of liquidity for living expenses, healthcare needs, home improvements, or other retirement priorities.
Establish a Line of Credit
An adjustable-rate HECM may provide a line of credit with unused borrowing capacity that can increase over time according to the loan terms.
Coordinate Home Equity With Other Retirement Assets
Some homeowners and their financial advisors consider home equity alongside investment assets and other sources of retirement income when developing long-term financial strategies.
Who Qualifies for a Reverse Mortgage?
For an FHA-insured HECM, borrowers generally must be at least 62 years old.
Your home does not necessarily need to be paid off.
Eligibility also depends on factors including:
Home & Property
• Home equity
• Existing mortgage balance
• Property type
• Primary-residence requirements
Financial Responsibilities
• Financial assessment
• Ability to maintain property taxes
• Ability to maintain homeowners insurance
Many homeowners use reverse mortgage proceeds to satisfy an existing mortgage and eliminate the required monthly principal and interest payment associated with that loan. Proprietary reverse mortgage programs may have different eligibility requirements.
REVERSE MORTGAGE LINE OF CREDIT
Flexible Access to Your Home Equity When You Need It
For some homeowners, one of the most useful HECM features is the line of credit.
Instead of taking all available proceeds immediately, eligible borrowers using an applicable HECM structure may leave funds available for future use.
Unused borrowing capacity can increase over time according to the loan terms.
This isn’t interest earned on a savings or investment account. Instead, it represents an increase in the amount potentially available for future borrowing.
A reverse mortgage line of credit may provide a future resource for:
• Healthcare needs
• Major home repairs
• Aging-in-place improvements
• Unexpected expenses
• Supplemental retirement cash flow
• Periods of market volatility
Reverse Mortgage vs. HELOC
Both a reverse mortgage and a Home Equity Line of Credit (HELOC) can provide access to home equity, but they work differently.
A HELOC generally requires monthly payments and uses traditional income, credit, and debt qualification.
A reverse mortgage uses a different financial assessment and generally does not require monthly principal and interest payments as long as the borrower continues to meet the loan requirements.
HELOCs may offer lower upfront costs, while HECM lines of credit include features designed specifically for eligible older homeowners.
Neither option is automatically better.
The appropriate choice depends on your age, income, available equity, expected time in the home, borrowing needs, and financial goals.
How Much Does a Reverse Mortgage Cost?
A reverse mortgage is a loan—not free money.
Depending on the program and transaction, costs may include:
• Origination charges
• Appraisal fees
• Title and settlement expenses
• Recording fees
• Interest
• FHA mortgage insurance for HECMs
• Other applicable third-party costs
Many eligible costs can generally be financed into the loan rather than paid entirely out of pocket, but financing those expenses increases the loan balance.
Homeowners should understand both the upfront costs and how the loan balance may change over time.
Do You Still Own Your Home With a Reverse Mortgage?
Yes.
The lender does not take ownership of your home. You continue to hold title and remain the homeowner. The reverse mortgage is a lien against the property, similar in that respect to a traditional mortgage.
What Happens to the Home and Your Heirs?
A reverse mortgage doesn’t prevent you from leaving your home to your heirs.
When the loan becomes due, heirs generally have options depending on the loan program and circumstances.
• Sell the home and repay the reverse mortgage
• Retain remaining equity after the loan is satisfied
• Satisfy or refinance the loan if they want to keep the property
Reverse Mortgage Options for Oregon & Washington Homeowners
The city you live in doesn’t determine whether a reverse mortgage makes sense.
Your age, home value, equity, existing mortgage balance, financial circumstances, future housing plans, and retirement goals are what matter.
Homeowners throughout Oregon and Washington have different reasons for considering a reverse mortgage.
A longtime Portland-area homeowner may have substantial home equity but still carry a monthly mortgage payment.
A homeowner in Central Oregon may want to remain in the home while preparing for future healthcare, maintenance, or aging-in-place expenses.
Someone in Southwest Washington may be considering selling and purchasing a smaller home closer to family.
A homeowner with a higher-value property may want to compare an FHA-insured HECM with available proprietary reverse mortgage options.
Platinum Lending Solutions works with homeowners throughout Oregon and Washington to evaluate those factors and explain the reverse mortgage options that may be available.
Common Reverse Mortgage Questions
Does the bank own my home?
No. You continue to own your home and hold title. The reverse mortgage is a lien against the property.
Do I have to make a monthly mortgage payment?
There are generally no required monthly principal and interest payments as long as you continue to meet the loan requirements. You remain responsible for property taxes, homeowners insurance, applicable property charges, maintenance, and occupancy requirements.
Do I need to own my home free and clear?
No. Many homeowners obtain a reverse mortgage while they still have an existing mortgage. The existing mortgage generally must be paid off with reverse mortgage proceeds.
Can I sell my home after getting a reverse mortgage?
Yes. You continue to own the home and can sell it. The reverse mortgage balance is generally repaid from the sale proceeds.
Can I use a reverse mortgage to buy another home?
Yes. Eligible buyers may use a HECM for Purchase to help finance a new primary residence.
REVERSE MORTGAGE RESOURCE HUB
Explore Reverse Mortgage Topics
Choose the topic that matches your question and use the related guides to explore the reverse mortgage options, responsibilities, and strategies most relevant to you.
01 | GETTING STARTED
1 What Is a Reverse Mortgage?
Understand how reverse mortgages work and how homeowners access equity.
2 Is a Reverse Mortgage Right for Me?
Explore the situations where a reverse mortgage may—or may not—make sense.
3 Benefits of a Reverse Mortgage
Learn about potential cash-flow, liquidity, and retirement-planning benefits.
4 Reverse Mortgage Requirements
Review age, equity, property, financial assessment, and occupancy requirements.
5 Reverse Mortgage Costs & Fees
Understand closing costs, interest, mortgage insurance, and long-term borrowing costs.
02 | OPTIONS & STRATEGIES
6
Reverse Mortgage Line of Credit
Learn how a HECM line of credit works and how unused borrowing capacity may increase.
7
Reverse Mortgage Purchase Program
See how eligible buyers can use reverse mortgage financing to purchase a new primary residence.
8
Jumbo Reverse Mortgages
Explore proprietary reverse mortgage options for higher-value properties.
03 | COMPARE & RESEARCH
9 Reverse Mortgage vs. HELOC
Compare payment requirements, qualification, costs, and line-of-credit features.
10 Reverse Mortgage Myths
Separate common misconceptions from the facts about today’s reverse mortgages.
11 Reverse Mortgage FAQ
Get direct answers to frequently asked reverse mortgage questions.
12 Reverse Mortgage Resources
Access additional consumer, government, counseling, and regulatory resources.
For Financial Advisors
Home equity may be relevant when evaluating retirement cash flow, portfolio withdrawals, liquidity, existing mortgage obligations, housing decisions, and legacy goals.
Platinum Lending Solutions can provide the mortgage analysis while the client’s financial advisor remains responsible for financial and investment planning.
For Real Estate Agents
A HECM for Purchase may create additional options for eligible clients who want to downsize, relocate, preserve liquidity, or purchase a home without required monthly principal and interest payments.
We help real estate professionals evaluate client scenarios and manage reverse mortgage financing through closing.
Experienced Reverse Mortgage Guidance Without the Pressure
A reverse mortgage is too important to evaluate based only on an advertisement or a generalized estimate of how much you might be able to borrow.
At Platinum Lending Solutions, our approach begins with education.
We’ll Help You Understand:
• Whether a reverse mortgage fits your goals
• How much equity may be available
• What the loan may cost
• How different payout options work
• How the loan balance may change over time
• How borrowing may affect remaining home equity
• Whether a HECM or proprietary program may be more appropriate
• Whether another financing option deserves consideration
As an independent mortgage broker serving Oregon and Washington, we can evaluate available reverse mortgage programs from multiple lenders rather than assuming one solution is appropriate for every homeowner.
Reverse Mortgage Information From Platinum Lending Solutions
This page is provided by Platinum Lending Solutions, a locally owned independent mortgage brokerage serving homeowners throughout Oregon and Washington. Our licensed mortgage professionals help clients evaluate reverse mortgages alongside other available mortgage options based on their individual circumstances and goals.
Platinum Lending Solutions
NW Processing Group DBA Platinum Lending Solutions
Company NMLS #251560
Oregon License #ML-4475
Washington License #WA CL-251560
Could a Reverse Mortgage Fit Your Retirement Goals?
Online research can explain how reverse mortgages work. The next step is understanding how one could work for you.
At Platinum Lending Solutions, we’ll review your age, home value, existing mortgage balance, financial circumstances, and goals and help you understand the reverse mortgage options that may be available.
We’ll explain the potential benefits, costs, responsibilities, and alternatives so you can make an informed decision about whether to proceed.
Explore My Reverse Mortgage Options
Serving homeowners throughout Oregon and Washington. There is no obligation to proceed. Reverse mortgage eligibility, proceeds, rates, costs, and program availability depend on individual circumstances and current program requirements.
