Reverse Mortgage Programs
Reverse mortgage options in Central Oregon
Every option below is a home-secured loan that must be repaid, and each keeps you as the owner of your home. Brian will walk through which one, if any, fits your goals. Reverse mortgages are for homeowners 62 and older (some proprietary options from age 55).
HECM Reverse Mortgage
The FHA-insured reverse mortgage, and the most common option. Flexible ways to receive your funds.
Learn more →Reverse for Purchase
Buy your next home with a HECM for Purchase and no required monthly mortgage payment.
Learn more →Reverse Line of Credit
A credit line that can grow over time, often set up as a standby reserve before you need it.
Learn more →Reverse Refinance
Refinance an existing reverse mortgage when a higher limit or better terms may benefit you.
Learn more →Proprietary & Jumbo Reverse
Private reverse options that can unlock more equity than a HECM, finance a condo without FHA approval, and start at age 55, not only for jumbo-value homes.
Learn more →Pay Off an Existing Loan
Use a reverse mortgage to pay off your current mortgage and remove that monthly payment.
Learn more →Reverse Second Mortgage
A fixed-rate second lien with no required monthly payment. Keep the low rate on your first mortgage and still tap equity.
Learn more →HECM: The FHA-Insured Reverse Mortgage
The Home Equity Conversion Mortgage, or HECM, is the reverse mortgage insured by the Federal Housing Administration, and it is the option most Central Oregon homeowners use. It lets eligible homeowners 62 and older convert part of their home equity into funds, received as a lump sum, monthly payments, a line of credit, or a combination. There is no required monthly mortgage payment, though you continue to pay property taxes, homeowners insurance, and upkeep, and you keep the title to your home.
The amount available depends on the age of the youngest borrower, current interest rates, and your home's value, up to the 2026 HECM lending limit of $1,249,125. Because a HECM is federally insured, it carries protections including its non-recourse feature and a required independent counseling session with a HUD-approved counselor. Brian can prepare a personalized illustration so you can see real numbers for your situation, subject to program eligibility and approval.
Reverse for Purchase (HECM for Purchase, or H4P)
HECM for Purchase lets a homebuyer 62 or older buy a primary residence and set up a reverse mortgage in a single transaction. You bring a down payment, typically from the sale of a previous home or from savings, and the reverse mortgage covers much of the rest, with no required monthly mortgage payment going forward.
For Central Oregon retirees, this can make right-sizing possible: moving to a single-level home in Bend, a place closer to family, or a home better suited to how you want to live now, while keeping more of your cash available. As with any reverse mortgage, you remain responsible for property taxes, homeowners insurance, and maintenance, and you keep ownership of the home.
Reverse Mortgage Line of Credit
One of the most useful features of a HECM is the growing line of credit. Rather than taking all your funds up front, you can leave them in a credit line, and the unused portion grows over time at the loan's rate. Many homeowners and financial advisors set this up as a standby reserve years before it is needed.
The strategy is often used to manage sequence-of-returns risk, that is, to avoid selling investments during a down market by drawing from home equity instead, and to cover unexpected costs without disrupting a retirement plan. Whether this fits you depends on your broader financial picture, which is why Brian is glad to work alongside your financial advisor.
Refinancing an Existing Reverse Mortgage
If you already have a reverse mortgage, it is sometimes possible to refinance it into a new one. This can make sense when your home has appreciated significantly, when the HECM lending limit has increased (it rose to $1,249,125 for 2026), when interest rates have moved in your favor, or when you want to add a spouse to the loan.
A reverse refinance is not automatically worthwhile, because it has its own closing costs, so the additional benefit needs to outweigh them. Brian will run the numbers honestly and tell you when refinancing does not move the needle enough to be worth it.
Proprietary and Jumbo Reverse Mortgages
A proprietary reverse mortgage is a private program, not FHA-insured, and it is often more flexible than a HECM. Depending on your age, home, and the program, it can let you access more of your equity than a HECM, and because it does not rely on FHA rules it can finance a condo without FHA project approval. Proprietary options are also available to homeowners as young as 55, and they are not limited to jumbo-value homes, so they fit a wider range of situations than people expect.
For higher-value Central Oregon homes above the FHA HECM limit of $1,249,125, a jumbo reverse can also unlock equity a HECM cannot reach. Terms, fees, and features vary by lender and state. Brian can compare a HECM and a proprietary or jumbo option side by side so you can see which serves your goals, subject to program eligibility and approval.
Paying Off an Existing Mortgage
Many homeowners come to Brian with a specific goal: remove the monthly mortgage payment from their budget. A reverse mortgage can pay off your existing mortgage, which ends that required monthly payment and frees up cash flow. You continue to pay property taxes, homeowners insurance, and upkeep, and you keep ownership of the home.
This is often the first step that makes retirement math work, and it can be combined with a line of credit or monthly payments for additional flexibility. Whether it is the right move depends on your goals and your numbers, which Brian will walk through with you.
Reverse Second Mortgage
A reverse second mortgage is a proprietary, fixed-rate second lien that, unlike a traditional second mortgage or HELOC, has no required monthly payment. It lets you tap your home equity while leaving your existing first mortgage exactly as it is. That matters most for homeowners who locked in a low first-mortgage rate and do not want to refinance it away just to set up a reverse mortgage.
It can also be a fit when a traditional second mortgage or HELOC is out of reach on income, because a reverse second is qualified differently. As with any reverse mortgage, you keep the title to your home and remain responsible for property taxes, homeowners insurance, and upkeep. Brian can walk through whether a reverse second, a full HECM, or another option fits your situation, subject to program eligibility and approval.
Not sure which reverse option fits?
Brian will walk through your goals, what you may qualify for, and the trade-offs, in plain language. No obligation to apply. Call (541) 771-6175 or request a consultation.