Oregon reverse mortgage borrowers who were previously eliminated from the state’s senior tax deferral program will be reinstated under the decision of state legislature, which has voted to reinstate 1,500 borrowers into the program.
After months of debate among lawmakers, the 1,500 program participants will once again be able to remain in their homes under the terms of their reverse mortgages as well as enjoy the benefits of property tax deferrals under HB 2489A.
“We are delighted that the Oregon Legislature has voted to reinstate over 1,500 senior homeowners with reverse mortgages in the state’s Property Tax Deferral Program,” said David Raphael of the Alliance of Vulnerable Homeowners.
Over the course of the last two years, senior advocacy and homeowner groups have fought to reverse the change, which left 1,500 reverse mortgage borrowers suddenly exempt from the program.
Those previously in the program will be allowed to remain in it, although current reverse mortgage borrowers will not be allowed to apply for the tax deferral program in the future.
“This has been a two year struggle to get deferral assistance restored to many people who faced the prospects of losing their homes,” Raphael said. “Our deepest regret is that the misguided prohibition remains in the law, and will bar future applicants with reverse mortgages from joining the the program in the future.”
Written by Elizabeth Ecker