Mortgage Video & Blogging Community

Senior citizens should be aware that they may have the option of deferring their property tax payments after taking an Oregon Reverse Mortgage. If you are interested in an Oregon Reverse Mortgage and still worried about how they are going to pay their property taxes after taking out an Oregon Reverse Mortgage, this information could be of interest you. Make sure you determine that your are eligible for the Oregon Reverse Mortgage and the deferred taxes.

Tax Deferral Qualifications

Oregon provides property tax relief for qualified senior citizens.
To qualify:

On or before April 15 of the year you file the application:

• If you are married and apply jointly with your spouse or registered domestic partner (RDP), you both must be 62 years old or older; if only one applicant is 62, you must apply as an individual.

• Joint applicants. You must own or be buying the property together.

• You must have a recorded deed to the property or you must be buying the property under a recorded sales contract. You may have a revocable trust. You are not eligible if you have a life estate interest in the property. A life estate is when you live on the property but do not own the property.

• You must live on the property; however, you may live away from the property because of medical reasons. You must send a medical statement on letterhead from your health care provider to DOR (the exact medical condition is not needed).
• Household income must be less than $38,500 for income tax year 2009. This includes taxable and nontaxable income, including Social Security and pensions. This is not the federal adjusted income (FAGI) amount. This income limit may change each year.

• If you have filed for an income tax extension, attach copies of documentation (i.e., W-2s, 1099s, federal tax return, etc.)
• If, after your initial approval, DOR discovers additional information on your household income that was not included on your application, you may be disqualified from the program and receive a billing notice.

• On manufactured structures, a $55 fee will be charged to your account for DOR to become a security interest holder, and the cost of recording the lien and the manufactured structure fee will be deferred.

Contact Us

If you have questions about a Reverse Mortgage, please contact one of us today at 541-342-7576. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. You can also e-mail Laurie here or Fred here. We are here to help you make the decision that is right for you. Reverse Mortgages are not for everyone, but they are an excellent choice for some people. Isn’t it time that you checked out the advantages of a Reverse Mortgage?