After months of debate among Oregon lawmakers and senior advocacy groups, the state’s House of Representatives passed a bill Wednesday that will allow reverse mortgage borrowers who previously qualified for Oregon’s senior tax deferral program to re-enter it.
Previously, the state decided those who received the benefits of the tax deferral program and held reverse mortgages would no longer be allowed in the program. An extension was granted for those who were impacted, which was scheduled to expire this year.
Now, House Bill 2489 allows a reported 1,500 seniors to be grandfathered into the program even if they do hold reverse mortgages. However, new reverse mortgage borrowers will not qualify for the program.
The Alliance for Vulnerable Homeowners called the passage a “huge victory,” according to an Oregonian report.
The program currently includes around 7,500 older homeowners, the report states.
Written by Elizabeth Ecker