Reverse Mortgage (HECM) Guide for Oregon Homeowners 62+
Oregon has approximately 310,000 homeowner households led by someone 62 or older. The state's median home value of $436,000 — elevated by Portland metro, Bend, and the Willamette Valley — means many Oregon seniors hold significant equity. For retirees in one of the West's more expensive states, a HECM can provide meaningful supplemental income without requiring a sale.
Source: U.S. Census Bureau ACS 2022 1-Year Estimates (Table B25077); U.S. Census Bureau ACS 2022 1-Year Estimates (Table B25007)
$1,249,125
Oregon's median home values fall well below the 2026 FHA HECM limit of $1,249,125, so most Oregon homeowners can access the full available equity through a HECM. High-end Portland neighborhoods and Bend vacation-adjacent markets are unlikely to reach the cap.
Source: HUD Mortgagee Letter 2025-21
Oregon Reverse Mortgage Protections
Oregon has meaningful state-level protections that go beyond the federal HUD mandate. Under Oregon Revised Statutes § 86A.188, lenders must provide borrowers with a written summary of the total estimated loan costs and a disclosure of the homeowner's right to a cooling-off period before closing. Oregon also requires disclosure of alternatives to a reverse mortgage (such as property tax deferral) before an application may proceed.
Source: Oregon Revised Statutes § 86A.188; Oregon Division of Financial Regulation
HUD-Approved Counseling in Oregon
Federal law requires an independent counseling session before any HECM application. Counseling can be done by phone and typically takes 60–90 minutes. Find a HUD-approved counselor in Oregon →
Oregon HECM FAQ
Are HECMs available in Oregon?
Yes. HECMs are available statewide in Oregon, including Portland, Salem, Eugene, Bend, and rural communities. Any FHA-approved lender licensed in Oregon can originate a HECM.
Does Oregon require additional reverse mortgage counseling?
Oregon reinforces the federal HUD counseling requirement with state-specific disclosures. Lenders must provide a written cost summary and disclose alternatives — including Oregon's property tax deferral program — before accepting any application. The required HUD counseling session must occur before any application is submitted.
How do Oregon property taxes interact with a HECM?
HECM borrowers must keep property taxes current. Oregon offers a Senior Property Tax Deferral program for qualifying homeowners 62 and older with household income below $45,000. This program allows homeowners to defer property taxes (which become a lien payable when the home is sold) — but note that an existing HECM may affect eligibility for this deferral. Consult a HUD counselor or tax advisor before combining programs.
What if I have a HELOC on my Oregon home?
An existing HELOC must be paid off and the line closed at HECM closing. The payoff typically comes from HECM proceeds. Oregon lenders will require clear title before disbursement.
Where can I find a HUD-approved HECM counselor in Oregon?
Use the HUD HECM Counselor Search (link above) filtered to Oregon. Agencies are available in Portland and Salem; phone counseling is available for rural and coastal Oregon. Counseling is required by federal law before any HECM application.