Reverse mortgages in Springfield
A reverse mortgage works the same in Lane County as it does anywhere, but the numbers do not. Below is what the data says about Springfield owners, and what that means if you are 62 or older and thinking about staying in your home.
| Measure | Springfield | Oregon | U.S. |
|---|---|---|---|
| Residents 65 and older | 16.3% | 21% | 18.9% |
| Owner-occupied homes | 55% | 63.3% | 65.2% |
| Median home value | $358,700 | $477,600 | $332,700 |
| Monthly owner costs, no mortgage | $597 | $684 | $638 |
| Monthly owner costs, with mortgage | $1,720 | $2,157 | $1,963 |
| Median household income | $68,761 | $83,011 | $80,734 |
| Veterans | 3,825 | 246,300 | 16,185,883 |
Monthly owner costs are medians and include taxes, insurance, utilities and any mortgage. The Census reports these up to $4,000.
When a lower home value limits the cash
A $358,700 median value is modest for a reverse loan. Proceeds come from your age, the home's value and interest rates, and after closing costs and any mortgage payoff, there may not be much left.
Median values in Springfield are well under the Oregon figure of $477,600. If a small amount of cash solves the problem, a home equity loan, a tax deferral program or a benefits check may cost less than a HECM.
Veterans in Springfield
Census counts 3,825 veterans in Springfield, or roughly 6 in every 100 people, compared with about 5 nationally. The VA does not offer a reverse mortgage, but a VA cash-out refinance may fit if you can carry a payment.
A HECM is FHA insured, and it can sit on a home bought with a VA loan once that loan is paid off. If you receive a need-based VA pension or other need-based benefits, talk to an accredited representative first, since cash held in an account may count.
Home prices around Springfield
Over the past five years, the Eugene-Springfield metro area has seen home values move +28.6%, according to FHFA, with +4.0% in the latest year. Oregon as a whole moved +15.8% over the same five years.
To put that in dollars: a $358,700 home that tracked the index would have been worth about $280,000 five years ago, roughly $80,000 less. An index is an average and your home may differ, but this is the equity that a reverse loan draws on.
With prices still climbing, some owners want to lock in access to equity now. A HECM line of credit does not depend on later appraisals, but your balance grows as you draw and interest accrues.
What a mortgage payment costs Springfield owners
Census data shows monthly owner costs in Springfield of $1,720 with a mortgage and $597 without one. That gap of $1,123 is a rough look at what a paid-off house is worth to a monthly budget.
A HECM must first pay off any existing mortgage. After that, no monthly mortgage payment is required, though the unpaid interest adds to your balance. It is a trade of monthly cash flow now for less equity later.
What a Lane County reverse loan does not cover
Your property tax, insurance, HOA dues and repairs stay your responsibility. Springfield owners without a mortgage report about $597 a month for those kinds of costs and utilities.
Missing them is the most common way a reverse loan goes wrong, so build in a reserve. A home that sits in disrepair can also cause problems, because you agree to keep it maintained.
Property tax help in Lane County
Oregon's Senior and Disabled Property Tax Deferral has a 2026 household income limit of $70,000 and charges 6 percent simple interest. Here is the catch: the Department of Revenue only names reverse mortgages taken out between July 1, 2011 and January 1, 2017 as possibly qualifying. Talk to the Lane County assessor before you sign a reverse loan if deferral matters to you. See the full Oregon reverse mortgage guide.
The rules in brief
You need to be 62 or older, live in this Springfield home as your main residence, and complete HUD-approved counseling first (call 1-800-569-4287 to find a counselor). Repayment is triggered when the last borrower moves out, sells or passes away. For costs and spouse rules, read our reverse mortgage guide. If you would rather compare, see our HELOC page or the Springfield mortgage page.
More in Oregon: Eugene, Hillsboro, Bend, Medford, Beaverton, Portland.
Sources: U.S. Census Bureau QuickFacts (American Community Survey 2020-2024, population estimates July 2025). FHFA House Price Index, 2026 Q2. HUD 2026 HECM limit.
Common questions
Can I get a reverse mortgage on my Springfield home?
Generally yes, if the home in Lane County is your main residence, all borrowers are at least 62, there is enough equity, and it passes an FHA appraisal. You also complete counseling and a financial assessment.
Does the HECM limit matter for a Springfield home?
Most are comfortably under it. The 2026 limit is $1,249,125, and the Springfield median is $358,700, so proceeds are driven by your age, the appraisal and rates rather than the cap.
How much have home values risen near Springfield?
FHFA shows Eugene-Springfield metro at +4.0% over one year and +28.6% over five years as of the second quarter of 2026.
Who still pays the Lane County property tax bill?
The homeowner. A reverse loan does not replace your Lane County tax bill, and unpaid taxes can trigger repayment.
Bayview Residential is a mortgage broker and is not affiliated with HUD or FHA. A reverse mortgage is a loan that must be repaid, and the balance grows over time. You must keep paying property taxes, insurance and home maintenance, and live in the home as your principal residence. All loans are subject to eligibility and approval. This page is general information and not legal, tax or benefits advice.