In 2024, there were 14 active reverse mortgage loans in Wallowa County, Oregon. The average home value in Wallowa County is $536,849.50.

Click here to get a reverse Mortgage Quote in Wallowa County, Oregon

To avoid scams, make sure you are working with a licensed lender in Oregon. South River Mortgage is a fully licensed lender in Oregon. The OR state regulator requires mortgage lenders to be explicitly approved to make loans and hold a license. South River Mortgage proudly holds the Mortgage Lending License in OR, and our state license identifier is 1854525.  We also maintain active approval with HUD/FHA.

Reverse Mortgage Loans in Wallowa County

Wallowa County is located in the state of Oregon, known for its stunning natural beauty and outdoor recreational opportunities. With a population of around 7,000 residents, Wallowa County offers a serene and peaceful environment for those looking to escape the hustle and bustle of city life. The county is famous for its picturesque landscapes, including the Wallowa Mountains and the Wallowa Lake. Historically, Wallowa County has significance as the ancestral home of the Nez Perce tribe. In the late 19th century, Chief Joseph led his people on a famous and ultimately tragic journey known as the Nez Perce War. Today, the county retains much of its rural charm and is a popular destination for artists, hikers, and nature enthusiasts. Seniors looking to unlock the equity in their homes may consider a reverse mortgage, which allows homeowners aged 62 and older to borrow against the equity in their homes without making monthly mortgage payments. With an average home value of $536,849.50, an average property tax of $2,653.93, and an average interest rate of 0.0466, Wallowa County offers a unique setting for those considering this financial option.

Reverse Mortgage Loan Origination in Wallowa County

Reverse Mortgage Home Values in Wallowa County

Reverse Mortgage Interest Rates Wallowa County

There are approximately 14 active reverse mortgage loans in Wallowa County. The average interest rate in Wallowa County is 7.58% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Wallowa County was $505,000.00 in 2024.

Click here to get a Reverse Mortgage Quote in Wallowa County, Oregon »

Note that our loan origination data will not exactly match FHA’s HECM portfolio snapshot. This discrepancy occurs because FHA’s reports are limited to loans endorsed by FHA (i.e. HECMs only). We use a series of custom data criteria that make it possible to identify all reverse mortgages: HECMs, proprietary, and even single-purpose reverse mortgages.

Jumbo Reverse Mortgage in Wallowa County, OR

With the average home value of $505,000.00, you may be wondering about the opportunities for jumbo loans.

The FHA has increased the HECM lending limit to $1,209,750 for 2025. If your property is valued above the HECM lending limit, you may be eligible for additional proceeds through the HomeForLife jumbo reverse mortgage.

Reverse Mortgage Refinance (HECM to HECM) in Wallowa County

It might make sense to refinance your reverse mortgage. There are many situations where refinancing could be very beneficial to you:

• You want to get more cash out because your home value has increased substantially
• You want to pay less in interest by obtaining a lower interest rate
• You want to add a loved one to the reverse mortgage

As a bonus, South River Mortgage can sometimes provide multiple benefits at once, depending on the situation. There have been cases where we can help secure a lower interest rate and additional cash. In some cases, we have been able to do all three benefits: lower rate, more cash, and adding a son or daughter onto the mortgage.

South River Mortgage can help you refinance your reverse mortgage. Get a quote today »

Reverse for Purchase (HECM for Purchase) in Wallowa County

You can now purchase a home with a reverse mortgage in {county}, OR. The reverse for purchase lets homebuyers purchase the home and get a reverse mortgage in a single transaction. The requirements for a reverse for purchase are very similar to the traditional reverse mortgage program.

Purchasing a home with a reverse mortgage has many benefits:

• No monthly mortgage payment (although you’d still be responsible for property taxes and homeowner’s insurance)
• The home being purchased would meet HUD’s property requirements or minimum property standards (this helps keep the home safe for occupants)

Learn what your down payment would be using our Reverse for Purchase calculator. Or, get pre-approved today »