Property tax deferrals for senior citizes will (probably) have to be paid if they are taking out an Oregon Reverse Mortgage. Additionally, if they close on an Oregon Reverse Mortgage after April 15, they will (probably) need to pay the current year’s property taxes also. This is also true for a normal refinance.

Deferral Property Tax Account

If you are considering refinancing or a reverse mortgage, it may affect your deferral account:
Your lender may require a first lien position because of a loan transaction for a refinance, reverse mortgage, or another type of loan. In order for this to happen, you must first cancel your deferral account and pay in full so that the Department of Revenue can release the lien.
Once we receive payment in full from a title company or financial institution to payoff your current deferral account, and a signed, dated cancel statement, the lien against the property will be released. If you don’t submit both a signed cancel statement and full payment to close your deferral account, the department’s lien will remain in place and may jeopardize your loan. Please contact your lender if you have any questions regarding their lien position requirements.
After your refinance or reverse mortgage is complete, then you may reapply for the deferral program by submitting a new application form. The application must be submitted between January 1 – April 15.
If your application is received after April 15, you will be responsible to pay the current year’s property taxes to the county on November 15. You may contact the county or Deferral Unit to request an application booklet
Make check payable to the Department of Revenue and mail to PO Box 14380, Salem OR 97309.
Please include the or deferral reference (account) number or Social Security number on the payment.

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?

FHA Mortgage, FHA Reverse Mortgage Senior Loans, Reverse Mortgage

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