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Oregon HECM Borrowers Benefit From Foreclosure Assistance Program

Thanks to the foreclosure assistance program in Oregon, reverse mortgages borrowers are being assisted out of default on their mortgages. The program comes courtesy of the Oregon Homeownership Stabilization Initiative, that offers up to $40,000 in payments to individual borrowers.

"Some qualifying borrowers can also receive as many as 24 months of future property tax and homeowner’s insurance payments direct from OHSI," according to Reverse Mortgage Daily.

"OHSI works directly with the reverse mortgage servicer to bring clients current on their obligations under the terms of a Home Equity Conversion Mortgage (HECM)."

The OHSI was established in 2010 and began offering foreclosure assistance programs soon after.

"After five years of observations and taking into account changes in the state’s property tax deferral programs, OHSI aimed to expand the scope of its assistance programs," according to the report.

To learn more about the OHSI and how its foreclosure assistance programs are helping reverse mortgage borrowers in Oregon, click on the image above.

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