Some Oregon Reverse Mortgage Borrowers OK’d to Reapply for Tax Deferral Program

Following a controversial rule change that temporarily restricted reverse mortgage borrowers from benefiting under an existing property tax deferral program in Oregon, those borrowers are able to apply for reinstatement, local officials are advising this week.

The 1,500 borrowers were cut from the program earlier this year, before a court ruling allowed those who had been in the program to reenter it.

Reverse mortgage borrowers are no longer allowed to apply to the property tax deferral program as new entrants, however, under the passage of the new law.

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Now, the reinstated borrowers are eligible for reply for admission starting January 2, according to new advice from the Oregon State Department of Revenue.

According to the Alliance for Vulnerable Homeowners, which has been active in advocating for the rights of the reverse mortgage borrowers, letters are being sent to those in the program with inactive accounts, informing them they can reapply between January 2 and April 15 of 2014.

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Written by Elizabeth Ecker